Forecasting

24 July 2022
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19 test answers

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question
A forecast that projects a‚Äč company's sales is a) an environmental forecast b) an economic forecast c) a demand forecast d) a technological forecast
answer
a demand forecast
question
The forecasting time horizon that would typically be easiest to predict for would be the a) medium range b) long range c) short range d) intermediate range
answer
short range
question
Which of the following statements is NOT true regarding‚Äč forecasting? a) Forecasting may involve taking historical data and projecting them into the future with a mathematical model. b) Forecasting is the art and science of predicting future events c) Forecasting is exclusively an objective prediction. d) A forecast is usually classified by the future time horizon that it covers.
answer
Forecasting is exclusively an objective prediction.
question
A forecast that addresses the business cycle by predicting planning indicators is a) an economic forecast b) a demand forecast c) a technological forecast d) an environmental forecast
answer
an economic forecast
question
Which of the following statements is NOT true? a) When capacity is‚Äč inadequate, customers can be lost. b) When capacity is‚Äč inadequate, market share can shrink. c) When excess capacity‚Äč exists, cost can increase. d) When excess capacity‚Äč exists, cost can decrease.
answer
When excess capacity‚Äč exists, cost can decrease
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CPFR is
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collaborative, planning,‚Äč forecasting, and replenishment.
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The goal of CPFR is to a) ensure product innovation b) determine which model needs to be used to predict future events c) create significantly more accurate information that can power the supply chain d) create good relations with suppliers
answer
create significantly more accurate information that can power the supply chain
question
Which of the following is a reality each company faces regarding its forecasting‚Äč system? a) After automating their predictions using computerized forecasting‚Äč software, firms closely monitor only the product items whose demand is stable. b) Most forecasting techniques assume there is no underlying stability in the system c) Product family forecasts are less accurate than individual product forecasts d) Outside factors that we cannot predict or control often impact the forecast.
answer
Outside factors that we cannot predict or control often impact the forecast.
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Which of the following is the FIRST step in a forecasting‚Äč system? a) Determine the time horizon of the forecast b) select the items to be forecasted c) select the forecast models d) Determine the use of the forecast
answer
Determine the use of the forecast
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Which of the following is the FIRST step in a forecasting‚Äč system? a) make the forecast b) Gather the data c) Select the items to be forecasted d) select the forecasting models
answer
Select the forecasting models
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Which of the following is the FINAL step in a forecasting‚Äč system? a) Select the forecast models b) Make the forecast c) Validate and implement the results d) Gather the data needed to make the forecast
answer
Validate and implement the results
question
Which forecasting model is based upon‚Äč salespersons' estimates of expected‚Äč sales? a) Jury of executive opinion b) market survey c) Delphi Method d) sales force composite
answer
sales force composite
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Which of the following is a quantitative forecasting‚Äč method? a) jury of executive opinion b) exponential smoothing c) sales force composite d) market survey
answer
Exponential smoothing
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Which of the following is NOT a‚Äč time-series model? a) naive approach b) multiple regression c) exponential smoothing d) moving averages
answer
Multiple regression
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Which of the following is a qualitative forecasting‚Äč method? a) Delphi method b) linear regression c) trend projection d) naive approach
answer
Delphi Method
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Forecasting that tries a variety of computer models and selects the best one for a particular application is referred as a) trend projection b) jury of executive opinion c) adaptive smoothing d) focus forecasting
answer
focus forecasting
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A tracking signal
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is a measurement of how well a forecast is predicting actual valu
question
A forecasting technique consistently produces a negative tracking signal. This means that a) the forecasting technique consistently‚Äč under-predicts. b) the MAPE will also consistently be negative. c) the forecasting technique consistently‚Äč over-predicts. d) the MSE will also consistently be negative.
answer
the forecasting technique consistently‚Äč over-predicts.
question
Which one of the following statements is NOT true about the forecasting in the service‚Äč sector? a) Hourly demand forecasts may be necessary. b) Forecasting in the service sector presents some unusual challenges. c) Detailed forecasts of demand are not needed d) Demand patterns are often different from those in‚Äč non-service sectors.
answer
Detailed forecasts of demand are not needed.