The table below includes the actual demands and forecasted demand for each period.Which of the following is the correct Bias value for this data? \[\begin{array} { l l l l l l } \text { Period } & 1 & 2 & 3 & 4 & 5 \\ \hline \text { Actual Demands } & 100 & 120 & 115 & 90 & 79 \\ \text { Forecast Demands } & 90 & 110 & 130 & 135 & 90 \end{array}\]

The answer of The table below includes the actual demands...

The table below includes the actual demands and forecasted demand for each period.Based on the data, which of the following is not correct? \[\begin{array} { c l l l l l } \text { Period } & 1 & 2 & 3 & 4 & 5 \\ \hline \text { Actual Demands } & 43 & 44 & 70 & 10 & 5 \\ \text { Forecast Demands } & 60 & 50 & 80 & 15 & 45 \end{array}\]

A) The Bias value is -15.6 B) The demand data shows a positively increasing trend C) The forecast is consistently overestimating the demands (higher forecasts) D) The MAD value is 15.6 A) The Bias value is -15.6 B) The demand data shows a positively increasing trend C) The forecast is consistently overestimating the demands (higher forecasts) D) The MAD value is 15.6

Using a 3-month moving average forecast, what of the following is not correct based on the demand table below? \[\begin{array} { c l l l l l l l l l l l l } \text { Month } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 & 11 & 12 \\ \hline \text { Actual Demands } & 120 & 130 & 70 & 10 & 5 & 15 & 25 & 7 & 50 & 70 & 80 & 160 \end{array}\] 1)The MAD value is 5.02 2)The forecast tends to overestimate the demands (higher forecasts) 3)The Bias value is -1.48 4)At least 5 months' worth of data is needed to initialize a forecast

A) (1) and (4) B) (2) C) (1), (2) and (4) D) (4) A) (1) and (4) B) (2) C) (1), (2) and (4) D) (4)

Identify the component of time series below in the table. \[\begin{array} { c l l l l l l l l l l l l } \text { Month } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 & 11 & 12 \\ \hline \text { Actual } & 120 & 130 & 70 & 10 & 5 & 15 & 25 & 7 & 50 & 70 & 80 & 160\\ \text { Demands } \end{array}\] 1)Positive trend 2)Seasonality 3)Random 4)Negative trend

A) (1) and (2) B) (2) and (4) C) (2) D) (3) A) (1) and (2) B) (2) and (4) C) (2) D) (3)

Exam 2: Forecasting demand

John is trying to initialize the seasonality indexes for an exponential smoothing model with seasonality.What is the forecast for quarter 9? The base value smoothing constant is 0.2 while the seasonality constant is 0.3.Use the first year to initialize the model. Quarter 1 2 3 4 5 6 7 8 Demand 40 250 190 110 69 330 320 280

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Question 1

Correct Answer:

Verified

67.02

Interpret a bias of -40 in a sentence.

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Question 2

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A bias of -40 in a sentence could be interpreted as a systematic deviation or inclination that skews the meaning or context of the sentence in a negative direction by a significant degree. In other words, the sentence may be presenting information or an opinion that is unfairly or unreasonably negative, possibly due to preconceived notions or prejudices held by the speaker or writer. This bias could affect the interpretation of the sentence, leading readers or listeners to understand the subject matter in a more negative light than may be warranted by the facts or circumstances.

John is trying to initialize the seasonality indexes for an exponential smoothing model with seasonality using the following demand data.Among his many decisions, one was to set the seasonality index for the quarter to .Fill in the blanks correctly. Quarter 1 2 3 4 Demand 40 250 190 110

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Question 3

Correct Answer:

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C

List the forecasting model that can forecast several periods ahead the available data with only a relatively small loss in accuracy.

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Question 4

Forecasting drives all of the key business functions.Among the following cases, select the cases that are the least suited for the use of quantitative forecasting. 1)Demand of radically innovative new product 2)Supply of agricultural products 3)Demand of commodities 4)The rate of new product production

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Question 5

For a forecast to be usable, it needs to pass criteria which include aspects such as _ and ___.Fill the blanks.

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Question 6

The exponential smoothing model with trends uses 3 steps to generate forecasts.Among these steps, can be described as updating the ______.Fill in the blanks correctly.

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Question 7

The table below includes the actual demands and forecasted demand for each period.Which of the following is the correct Bias value for this data? Period 1 2 3 4 5 Actual Demands 100 120 115 90 79 Forecast Demands 90 110 130 135 90

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Question 8

Describe the meaning of model building using data in your own words.

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Question 9

The table below includes the actual demands and forecasted demand for each period.Based on the data, which of the following is not correct? Period 1 2 3 4 5 Actual Demands 43 44 70 10 5 Forecast Demands 60 50 80 15 45

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Question 10

Using a 3-month moving average forecast, what of the following is not correct based on the demand table below? Month 1 2 3 4 5 6 7 8 9 10 11 12 Actual Demands 120 130 70 10 5 15 25 7 50 70 80 160 1)The MAD value is 5.02 2)The forecast tends to overestimate the demands (higher forecasts) 3)The Bias value is -1.48 4)At least 5 months' worth of data is needed to initialize a forecast

(Multiple Choice)

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Question 11

John is trying to initialize the trend estimates for an exponential smoothing model with trends using the following demand data.He set the initialized trend estimate at the end of period 5 to __________.Complete the sentence correctly. Period 1 2 3 4 5 Demands 56 59 53 60 63

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Question 12

The Ticket touring agency is coming out with a new tour package.While this is a new product, it is expected to be received by customers in the same manner as with the Dynasty tour package.The table below is the last year's demand for the Dynasty tour package.Which of the following months should the agency provide the most capacity? Month 1 2 3 4 5 6 7 8 9 10 11 12 Actual Demands 120 130 70 10 5 15 25 7 50 70 80 160

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Question 13

Use an exponential smoothing model with trends to forecast for period 5.Select a correct demand forecast using the demand table below. The base value at the end of period 1 is 300 while the tread is -50.The base value smoothing constant is 0.2 and the trend smoothing constant is 0.4. Period 2 3 4 Demand 250 120 130

(Multiple Choice)

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Question 14

Using the following demand data, initialize and build a model to forecast the demand for June.When the first 3 months are used to initial a simple exponential smoothing model, what is the base value made at the end of month 2 or the initialized forecast for March? Month 1 2 3 4 5 Demand 50 25 60 20 80

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Question 15

Among the following choices, select the ones that are not examples of Qualitative Forecasting methods. 1)Delphi method 2)Exponential smoothing method 3)Triad method 4)Focus groups

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Question 16

Does the Conceptual Forecasting Framework only assume the use of Quantitative forecasting? Explain in your own words.

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Question 17

Provide a detailed description of the demand in the table below. Period 1 2 3 4 5 Actual Demands 60 50 80 15 45

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Question 18

Identify the component of time series below in the table. Month 1 2 3 4 5 6 7 8 9 10 11 12 Actual 120 130 70 10 5 15 25 7 50 70 80 160 Demands 1)Positive trend 2)Seasonality 3)Random 4)Negative trend

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Question 19

John is using an exponential smoothing model with seasonality.What is MAD value? The base value smoothing constant is 0.2 while the seasonality constant is 0.3.Use the first year to initialize the model. Quarter 1 2 3 4 5 6 7 8 Demand 40 250 190 110 69 330 320 280

(Multiple Choice)

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Question 20

Interpret a bias of -40 in a sentence.

John is trying to initialize the seasonality indexes for an exponential smoothing model with seasonality using the following demand data.Among his many decisions, one was to set the seasonality index for the quarter to .Fill in the blanks correctly. Quarter 1 2 3 4 Demand 40 250 190 110

List the forecasting model that can forecast several periods ahead the available data with only a relatively small loss in accuracy.

For a forecast to be usable, it needs to pass criteria which include aspects such as _ and ___.Fill the blanks.

The exponential smoothing model with trends uses 3 steps to generate forecasts.Among these steps, can be described as updating the ______.Fill in the blanks correctly.

The table below includes the actual demands and forecasted demand for each period.Which of the following is the correct Bias value for this data? Period 1 2 3 4 5 Actual Demands 100 120 115 90 79 Forecast Demands 90 110 130 135 90

Describe the meaning of model building using data in your own words.

The table below includes the actual demands and forecasted demand for each period.Based on the data, which of the following is not correct? Period 1 2 3 4 5 Actual Demands 43 44 70 10 5 Forecast Demands 60 50 80 15 45

John is trying to initialize the trend estimates for an exponential smoothing model with trends using the following demand data.He set the initialized trend estimate at the end of period 5 to __________.Complete the sentence correctly. Period 1 2 3 4 5 Demands 56 59 53 60 63

Among the following choices, select the ones that are not examples of Qualitative Forecasting methods. 1)Delphi method 2)Exponential smoothing method 3)Triad method 4)Focus groups

Does the Conceptual Forecasting Framework only assume the use of Quantitative forecasting? Explain in your own words.

Provide a detailed description of the demand in the table below. Period 1 2 3 4 5 Actual Demands 60 50 80 15 45

Identify the component of time series below in the table. Month 1 2 3 4 5 6 7 8 9 10 11 12 Actual 120 130 70 10 5 15 25 7 50 70 80 160 Demands 1)Positive trend 2)Seasonality 3)Random 4)Negative trend

John is using an exponential smoothing model with seasonality.What is MAD value? The base value smoothing constant is 0.2 while the seasonality constant is 0.3.Use the first year to initialize the model. Quarter 1 2 3 4 5 6 7 8 Demand 40 250 190 110 69 330 320 280

Supply chain focused manufacturing planning and control

S&OP/Aggregate planning

Master production schedule

Supply chain focused inventory management

MRP production system

JIT/Lean production

Push and pull production systems

Capacity management

Production planning and control for remanufacturing

Supply chain focused outsourcing

Manufacturing focused supply chain integration

Filters

Exam 2: Forecasting demand

Interpret a bias of -40 in a sentence.

List the forecasting model that can forecast several periods ahead the available data with only a relatively small loss in accuracy.

For a forecast to be usable, it needs to pass criteria which include aspects such as _________ and ___________.Fill the blanks.

The exponential smoothing model with trends uses 3 steps to generate forecasts.Among these steps, __________ can be described as updating the ________________.Fill in the blanks correctly.

The table below includes the actual demands and forecasted demand for each period.Which of the following is the correct Bias value for this data? Period 1 2 3 4 5 Actual Demands 100 120 115 90 79 Forecast Demands 90 110 130 135 90

Describe the meaning of model building using data in your own words.

The table below includes the actual demands and forecasted demand for each period.Based on the data, which of the following is not correct? Period 1 2 3 4 5 Actual Demands 43 44 70 10 5 Forecast Demands 60 50 80 15 45

John is trying to initialize the trend estimates for an exponential smoothing model with trends using the following demand data.He set the initialized trend estimate at the end of period 5 to __________.Complete the sentence correctly. Period 1 2 3 4 5 Demands 56 59 53 60 63

Among the following choices, select the ones that are not examples of Qualitative Forecasting methods. 1)Delphi method 2)Exponential smoothing method 3)Triad method 4)Focus groups

Does the Conceptual Forecasting Framework only assume the use of Quantitative forecasting? Explain in your own words.

Provide a detailed description of the demand in the table below. Period 1 2 3 4 5 Actual Demands 60 50 80 15 45

Identify the component of time series below in the table. Month 1 2 3 4 5 6 7 8 9 10 11 12 Actual 120 130 70 10 5 15 25 7 50 70 80 160 Demands 1)Positive trend 2)Seasonality 3)Random 4)Negative trend

John is using an exponential smoothing model with seasonality.What is MAD value? The base value smoothing constant is 0.2 while the seasonality constant is 0.3.Use the first year to initialize the model. Quarter 1 2 3 4 5 6 7 8 Demand 40 250 190 110 69 330 320 280

Supply chain focused manufacturing planning and control

S&OP/Aggregate planning

Master production schedule

Supply chain focused inventory management

MRP production system

JIT/Lean production

Push and pull production systems

Capacity management

Production planning and control for remanufacturing

Supply chain focused outsourcing

Manufacturing focused supply chain integration

Filters

For a forecast to be usable, it needs to pass criteria which include aspects such as _ and ___.Fill the blanks.

The exponential smoothing model with trends uses 3 steps to generate forecasts.Among these steps, can be described as updating the ______.Fill in the blanks correctly.