Question 1

Forecasts are rarely perfect.

Accepted Answer

A) True 
 B)False

Question 2

Given an actual latest demand of 59,a previous forecast of 64,and  α\alphaα  = 0.3,what would be the forecast for the next period using the exponential smoothing method?

Accepted Answer

A)  36.9.
B)  57.5.
C)  60.5.
D)  62.5.
E)  65.5. F) A) and E)
G) A) and D)

Question 3

Which of the following possible values of  α\alphaα  would cause exponential smoothing to respond the most quickly to forecast errors?

Accepted Answer

A)  0.
B)  0.01.
C)  0.05.
D)  0.1.
E)  0.15. F) A) and B)
G) None of the above

Question 4

The mean absolute deviation is more sensitive to large deviations than the mean square error.

Accepted Answer

A) True 
 B)False

Question 5

The goal of time-series forecasting methods is to estimate the mean of the underlying probability distribution of the next value of the time-series as closely as possible.

Accepted Answer

A) True 
 B)False

Question 6

Forecasts can help a manager to:

Accepted Answer

A)  anticipate the future.
B)  develop strategies.
C)  make staffing decisions.
D)  All of the above.
E)  None of the above.F) B) and E)
G) A) and E)

Question 7

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

Accepted Answer

A)  17.
B)  18.
C)  19.
D)  20.
E)  18.5.F) A) and B)
G) D) and E)

Question 8

Figure
The president of State University wants to forecast student enrollment for this academic year based on the following historical data: 
-What is the forecast for this year using the last-value forecasting method?

Accepted Answer

A)  18,750.
B)  19,500.
C)  21,000.
D)  22,650.
E)  22,800.F) D) and E)
G) None of the above

Question 9

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) A) and D)
G) A) and E)

Question 10

Which of the following would be an advantage of using a sales force composite to develop a demand forecast?

Accepted Answer

A)  The sales staff is least affected by changing customer needs.
B)  The sales force can easily distinguish between customer desires and probable actions.
C)  The sales staff is often aware of customer's future plans.
D)  Salespeople are least likely to be biased by sales quotas.
E)  None of the above.F) None of the above
G) A) and E)

Question 11

Figure 
-What is the moving-average forecast for the next period based on the last three periods.

Accepted Answer

A)  58.
B)  62.
C)  60.
D)  61.
E)  None of the above.F) A) and B)
G) B) and C)

Question 12

Figure
Professor Z needs to allocate time among several tasks next week to include time for students' appointments.Thus,he needs to forecast the number of students who will seek appointments.He has gathered the following data: 
-What is the forecast for this year using exponential smoothing with  α\alphaα  = 0.2,if the forecast for two weeks ago was 90?

Accepted Answer

A)  49.
B)  50.
C)  52.
D)  65.
E)  78. F) D) and E)
G) B) and E)

Question 13

Figure
The business analyst for Ace Business Machines,Inc.wants to forecast this year's demand for manual typewriters based on the following historical data: 
-What is the forecast for this year using the last-value forecasting method?

Accepted Answer

A)  163.
B)  180.
C)  300.
D)  467.
E)  510.F) B) and D)
G) A) and B)

Question 14

The last-value forecasting method requires a linear trend line.

Accepted Answer

A) True 
 B)False

Question 15

The mean absolute deviation is used to:

Accepted Answer

A)  estimate the trend line.
B)  eliminate forecast errors.
C)  measure forecast accuracy.
D)  seasonally adjust the forecast.
E)  All of the above.F) All of the above
G) A) and B)

Question 16

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) None of the above
G) A) and B)

Question 17

Figure
The president of State University wants to forecast student enrollment for this academic year based on the following historical data: 
-What is the forecast for this year using exponential smoothing with  α\alphaα  = 0.5,if the forecast for two years ago was 16,000?

Accepted Answer

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

Question 18

The sales force composite method is a top-down approach to forecasting.

Accepted Answer

A) True 
 B)False

Question 19

Given forecast errors of -5,-10,and 15,what is the mean absolute deviation?

Accepted Answer

A)  0.
B)  5.
C)  10.
D)  30.
E)  None of the above.F) D) and E)
G) A) and C)

Question 20

In business,forecasts are the basis for:

Accepted Answer

A)  sales planning.
B)  inventory planning.
C)  production planning.
D)  budgeting.
E)  All of the above.F) A) and E)
G) A) and D)

Exam 11: Forecasting

In business,forecasts are the basis for:

Correct Answer
verified

The last-value forecasting method requires a linear trend line.

Correct Answer
verified

Given an actual latest demand of 59,a previous forecast of 64,and $\alpha$ = 0.3,what would be the forecast for the next period using the exponential smoothing method?

Correct Answer
verified

The mean absolute deviation is used to:

Correct Answer
verified

The goal of time-series forecasting methods is to estimate the mean of the underlying probability distribution of the next value of the time-series as closely as possible.

Correct Answer
verified

Figure The president of State University wants to forecast student enrollment for this academic year based on the following historical data: -What is the forecast for this year using the last-value forecasting method?

Correct Answer
verified

Figure -What is the moving-average forecast for the next period based on the last three periods.

Correct Answer
verified

Figure The business analyst for Ace Business Machines,Inc.wants to forecast this year's demand for manual typewriters based on the following historical data: -What is the forecast for this year using 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

Forecasts are rarely perfect.

Correct Answer
verified

Forecasts can help a manager to:

Correct Answer
verified

Which of the following would be an advantage of using a sales force composite to develop a demand forecast?

Correct Answer
verified

Correct Answer
verified

The sales force composite method is a top-down approach to forecasting.

Correct Answer
verified

Which of the following possible values of $\alpha$ would cause exponential smoothing to respond the most quickly to forecast errors?

Correct Answer
verified

The mean absolute deviation is more sensitive to large deviations than the mean square error.

Correct Answer
verified

The last-value forecasting method:

Correct Answer
verified

Correct Answer
verified

Given forecast errors of -5,-10,and 15,what is the mean absolute deviation?

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

Exam 11: Forecasting

In business,forecasts are the basis for:

Correct AnswerverifiedShow Answer

The last-value forecasting method requires a linear trend line.

Correct AnswerverifiedShow Answer

Given an actual latest demand of 59,a previous forecast of 64,and α\alphaα = 0.3,what would be the forecast for the next period using the exponential smoothing method?

Correct AnswerverifiedShow Answer

The mean absolute deviation is used to:

Correct AnswerverifiedShow Answer

The goal of time-series forecasting methods is to estimate the mean of the underlying probability distribution of the next value of the time-series as closely as possible.

Correct AnswerverifiedShow Answer

Figure The president of State University wants to forecast student enrollment for this academic year based on the following historical data: -What is the forecast for this year using the last-value forecasting method?

Correct AnswerverifiedShow Answer

Figure -What is the moving-average forecast for the next period based on the last three periods.

Correct AnswerverifiedShow Answer

Figure The business analyst for Ace Business Machines,Inc.wants to forecast this year's demand for manual typewriters based on the following historical data: -What is the forecast for this year using 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

Forecasts are rarely perfect.

Correct AnswerverifiedShow Answer

Forecasts can help a manager to:

Correct AnswerverifiedShow Answer

Which of the following would be an advantage of using a sales force composite to develop a demand forecast?

Correct AnswerverifiedShow Answer

Figure The president of State University wants to forecast student enrollment for this academic year based on the following historical data: -What is the forecast for this year using exponential smoothing with α\alphaα = 0.5,if the forecast for two years ago was 16,000?

Correct AnswerverifiedShow Answer

The sales force composite method is a top-down approach to forecasting.

Correct AnswerverifiedShow Answer

Which of the following possible values of α\alphaα would cause exponential smoothing to respond the most quickly to forecast errors?

Correct AnswerverifiedShow Answer

The mean absolute deviation is more sensitive to large deviations than the mean square error.

Correct AnswerverifiedShow Answer

The last-value forecasting method:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Given forecast errors of -5,-10,and 15,what is the mean absolute deviation?

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

Correct Answer
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Correct Answer
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Given an actual latest demand of 59,a previous forecast of 64,and $\alpha$ = 0.3,what would be the forecast for the next period using the exponential smoothing method?

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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Correct Answer
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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
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Which of the following possible values of $\alpha$ would cause exponential smoothing to respond the most quickly to forecast errors?

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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