1.
Forecasting time horizons include
short-range
medium-range
long-range
all of the above
2.
A forecast that projects a company's sales is a(n)
economic forecast
technological forecast
demand forecast
all of the above
3.
Quantitative methods of forecasting include
sales force composite
exponential smoothing
jury of executive opinion
consumer market survey
4.
The method that considers several variables that are related to the variable
being predicted is
exponential smoothing
weighted moving average
multiple regression
weighted moving average
5.
The forecasting model that is based upon salesperson's estimates of expected
sales is
jury of executive opinion
delphi method
consumer market survey
sales force composite
6.
Which of the following is not a quantitative forecasting method?
jury of executive opinion
moving average
exponential smoothing
trend projection
7.
Which of the following is not a component of a time series?
trend
seasonality
cycles
all of the above are components of a time series
8.
The naive approach to forecasting
assumes that demand in the next period is equal to demand in the most
recent period
uses an average of the n most recent periods of data to forecast the next
period
is a sophisticated weighted moving-average
fits a trend line to a series of historical data points and then projects the
line into the future for forecasts
9.
Decomposing a time series refers to breaking down past data into the
components of
constants and variations
trends, cycles, and random variations
strategy, tactical, and operational variations
long-term, short-term, and medium-term variations
10.
With regard to regression-based forecast, the standard error of the estimate
gives a measure of
the variability around the regression line
the time period for which the forecast is valid
the time required to derive the forecast equation
the maximum error of the forecast
11.
When using exponential smoothing, the smoothing constant
is typically between .05 and .50 for most business application
indicates the amount of weight placed on the most recent period
can be determined using MAD
all of the above
12.
A tracking signal
is a measure of how well the forecast is predicting the actual values
is computed as the running sum of the forecast errors (RSFE) divided by
the mean absolute deviation (MAD)
that is positive indicates that demand is greater than the forecast
all of the above
13.
Forecasting in the service sector
presents some unusual challenges
track demand by maintaining good short-term records
commonly use point-of-sale computers to track demand by time period
all of the above
14.
If demand is 55 during January, 58 in February, 61 in March, and 64 in April,
what is the 3-month simple moving average for May?
59.5
61
64
none of the above
15.
Given last period's forecast of 65, and last periods demand of 62, what is the
simple exponential smoothing forecast with an alpha of 0.4 for the next
period?
62
63.2
63.8
65
Results Reporter
Summary: 87% Correct
87%
13% 0%
Of 15 questions, you answered:
13 correct
2 incorrect
0 unanswered
Submitted on March 2, 2009 12:04:00 PM EST
1. Correct Forecasting time horizons include
Your answer: all of the above
CORRECT.
2. Correct A forecast that projects a company's sales is a(n)
Your answer: demand forecast
CORRECT.
3. Correct Quantitative methods of forecasting include
Your answer: exponential smoothing
CORRECT.
4. Correct The method that considers several variables that are related to
the variable being predicted is
Your answer: multiple regression
CORRECT.
5. Correct The forecasting model that is based upon salesperson's estimates
of expected sales is
Your answer: sales force composite
CORRECT.
6. Correct Which of the following is not a quantitative forecasting method?
Your answer: jury of executive opinion
CORRECT.
7. Correct Which of the following is not a component of a time series?
Your answer: all of the above are components of a time series
CORRECT.
8. Correct The naive approach to forecasting
Your answer: assumes that demand in the next period is equal
to demand in the most recent period
CORRECT.
9. Correct Decomposing a time series refers to breaking down past data
into the components of
Your answer: trends, cycles, and random variations
CORRECT.
10. Correct With regard to regression-based forecast, the standard error of
the estimate gives a measure of
Your answer: the variability around the regression line
CORRECT.
11. Incorrect When using exponential smoothing, the smoothing constant
Your answer: indicates the amount of weight placed on the
most recent period
The correct answer: all of the above
INCORRECT. This is correct, but it is not the best answer.
12. Correct A tracking signal
Your answer: all of the above
CORRECT.
13. Correct Forecasting in the service sector
Your answer: all of the above
CORRECT.
14. Correct If demand is 55 during January, 58 in February, 61 in March,
and 64 in April, what is the 3-month simple moving average for
May?
Your answer: 61
CORRECT.
15. Incorrect Given last period's forecast of 65, and last periods demand of 62,
what is the simple exponential smoothing forecast with an alpha
of 0.4 for the next period?
Your answer: 63.2
The correct answer: 63.8
INCORRECT. You have switched the forecast and actual
demand in the formula.