Question 1

The equation y = 350 - 2 5x is used to predict quarterly demand where x = 0 in the second quarter of last year Quarterly seasonal factors are Q1 = 1 5,Q2 = 0 8,Q3 = 1 1,and Q4 = 0 6 What is the forecast for the last quarter of this year?

Accepted Answer

A)  199 5 
B)  201 
C)  266 
D)  268 
E)  335 F) A) and B)
G) B) and D)

Question 2

The moving-average forecasting method assigns equal weights to each value that is represented by the average

Accepted Answer

A) True 
 B)False

Question 3

The president of State University wants to forecast student enrollment for this academic year based on the following historical data:
Year :Enrollments
5 years ago :15,000
4 years ago :16,000
3 years ago :18,000
2 years ago :20,000
Last year :21,000
-What is the forecast for this year using a moving-average forecast based on the last four years?

Accepted Answer

A)  18,750 
B)  19,500 
C)  21,000 
D)  22,650 
E)  22,800 F) A) and E)
G) C) and E)

Question 4

Given the following historical data,what is the moving-average forecast for period 6 based on the last three periods?

Accepted Answer

A)  67 
B)  68 
C)  69 
D)  100 
E)  115 F) A) and D)
G) A) and E)

Question 5

The last-value forecasting method:

Accepted Answer

A)  is quick and easy to prepare 
B)  is easy for users to understand 
C)  ignores all values except one 
D)  All of the above 
E)  None of the above F) B) and C)
G) C) and D)

Question 6

If a time-series has exactly the same distribution for each and every time period,then the averaging forecasting method provides the best estimate of the mean

Accepted Answer

A) True 
 B)False

Question 7

Given forecast errors of 5,0,-4,and 3,what is the mean absolute deviation?

Accepted Answer

A)  1 
B)  2 
C)  2 5 
D)  3 
E)  12 F) A) and B)
G) A) and C)

Question 8

Removing the seasonal component from a time-series can be accomplished by dividing each value by its appropriate seasonal factor

Accepted Answer

A) True 
 B)False

Question 9

Judgmental forecasting methods have been developed to interpret statistical data

Accepted Answer

A) True 
 B)False

Question 10

The averaging method uses all the data points in the time-series

Accepted Answer

A) True 
 B)False

Question 11

In exponential smoothing,an $\alpha$  of 0 3 will cause a forecast to react more quickly to a large error than will an $\alpha$ of 0 2

Accepted Answer

A) True 
 B)False

Question 12

Given an actual latest demand of 105,a previous forecast of 97,and  α\alphaα  = 0 4,what would be the forecast for the next period using the exponential smoothing method?

Accepted Answer

A)  80 8 
B)  93 8 
C)  100 2 
D)  101 8 
E)  108 2  F) C) and E)
G) B) and C)

Question 13

The mean square error is the square of the mean of the absolute deviations

Accepted Answer

A) True 
 B)False

Question 14

Questions 10-66 through 10-69 refer to the following:
An operation analyst is forecasting this year's demand for one of his company's products based on the following historical data:
Year # sold
4 years ago 10,000
3 years ago 12,000
2 years ago 18,000
Last year 20,000
-What is the forecast for this year using a moving-average forecast based on the last four years?

Accepted Answer

A)  22,000 
B)  20,000 
C)  18,000 
D)  15,000 
E)  12,000 F) B) and D)
G) A) and D)

Question 15

The Delphi method involves the use of a series of questionnaires to achieve a consensus forecast

Accepted Answer

A) True 
 B)False

Question 16

The seasonal factor for any period of a year measures how that period compares to the same period last year

Accepted Answer

A) True 
 B)False

Question 17

If significant changes in conditions are occurring relatively frequently,then a smaller smoothing constant is needed

Accepted Answer

A) True 
 B)False

Question 18

When statistical forecasting methods are used,it is no longer necessary to use judgmental methods as well

Accepted Answer

A) True 
 B)False

Question 19

Exponential smoothing with trend was designed for time-series that have great variability both up and down

Accepted Answer

A) True 
 B)False

Question 20

The primary method for causal forecasting is:

Accepted Answer

A)  sensitivity analysis 
B)  linear regression 
C)  moving-average 
D)  exponential smoothing 
E)  the Delphi method F) C) and D)
G) D) and E)

Exam 10: Forecasting

If a time-series has exactly the same distribution for each and every time period,then the averaging forecasting method provides the best estimate of the mean

Correct Answer
verified

The seasonal factor for any period of a year measures how that period compares to the same period last year

Correct Answer
verified

Correct Answer
verified

The equation y = 350 - 2 5x is used to predict quarterly demand where x = 0 in the second quarter of last year Quarterly seasonal factors are Q1 = 1 5,Q2 = 0 8,Q3 = 1 1,and Q4 = 0 6 What is the forecast for the last quarter of this year?

Correct Answer
verified

In exponential smoothing,an $\alpha$ of 0 3 will cause a forecast to react more quickly to a large error than will an $\alpha$ of 0 2

Correct Answer
verified

Given the following historical data,what is the moving-average forecast for period 6 based on the last three periods?

Correct Answer
verified

The mean square error is the square of the mean of the absolute deviations

Correct Answer
verified

The averaging method uses all the data points in the time-series

Correct Answer
verified

The moving-average forecasting method assigns equal weights to each value that is represented by the average

Correct Answer
verified

Exponential smoothing with trend was designed for time-series that have great variability both up and down

Correct Answer
verified

The last-value forecasting method:

Correct Answer
verified

Given an actual latest demand of 105,a previous forecast of 97,and $\alpha$ = 0 4,what would be the forecast for the next period using the exponential smoothing method?

Correct Answer
verified

When statistical forecasting methods are used,it is no longer necessary to use judgmental methods as well

Correct Answer
verified

The primary method for causal forecasting is:

Correct Answer
verified

Correct Answer
verified

If significant changes in conditions are occurring relatively frequently,then a smaller smoothing constant is needed

Correct Answer
verified

Given forecast errors of 5,0,-4,and 3,what is the mean absolute deviation?

Correct Answer
verified

Removing the seasonal component from a time-series can be accomplished by dividing each value by its appropriate seasonal factor

Correct Answer
verified

Judgmental forecasting methods have been developed to interpret statistical data

Correct Answer
verified

The Delphi method involves the use of a series of questionnaires to achieve a consensus forecast

Correct Answer
verified

Exam 10: Forecasting

If a time-series has exactly the same distribution for each and every time period,then the averaging forecasting method provides the best estimate of the mean

Correct AnswerverifiedShow Answer

The seasonal factor for any period of a year measures how that period compares to the same period last year

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The equation y = 350 - 2 5x is used to predict quarterly demand where x = 0 in the second quarter of last year Quarterly seasonal factors are Q1 = 1 5,Q2 = 0 8,Q3 = 1 1,and Q4 = 0 6 What is the forecast for the last quarter of this year?

Correct AnswerverifiedShow Answer

In exponential smoothing,an α\alphaα of 0 3 will cause a forecast to react more quickly to a large error than will an α\alphaα of 0 2

Correct AnswerverifiedShow Answer

Given the following historical data,what is the moving-average forecast for period 6 based on the last three periods?

Correct AnswerverifiedShow Answer

The mean square error is the square of the mean of the absolute deviations

Correct AnswerverifiedShow Answer

The averaging method uses all the data points in the time-series

Correct AnswerverifiedShow Answer

The moving-average forecasting method assigns equal weights to each value that is represented by the average

Correct AnswerverifiedShow Answer

Exponential smoothing with trend was designed for time-series that have great variability both up and down

Correct AnswerverifiedShow Answer

The last-value forecasting method:

Correct AnswerverifiedShow Answer

Given an actual latest demand of 105,a previous forecast of 97,and α\alphaα = 0 4,what would be the forecast for the next period using the exponential smoothing method?

Correct AnswerverifiedShow Answer

When statistical forecasting methods are used,it is no longer necessary to use judgmental methods as well

Correct AnswerverifiedShow Answer

The primary method for causal forecasting is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

If significant changes in conditions are occurring relatively frequently,then a smaller smoothing constant is needed

Correct AnswerverifiedShow Answer

Given forecast errors of 5,0,-4,and 3,what is the mean absolute deviation?

Correct AnswerverifiedShow Answer

Removing the seasonal component from a time-series can be accomplished by dividing each value by its appropriate seasonal factor

Correct AnswerverifiedShow Answer

Judgmental forecasting methods have been developed to interpret statistical data

Correct AnswerverifiedShow Answer

The Delphi method involves the use of a series of questionnaires to achieve a consensus forecast

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

In exponential smoothing,an $\alpha$ of 0 3 will cause a forecast to react more quickly to a large error than will an $\alpha$ of 0 2

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Given an actual latest demand of 105,a previous forecast of 97,and $\alpha$ = 0 4,what would be the forecast for the next period using the exponential smoothing method?

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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