Table 10.9 \[\begin{array} { | c | c | c | } \hline \text { Quarter } & \begin{array} { c } \text { Forecasted } \\ \text { Demand } \\ \text { (Units) } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Demand } \\ \text { (Units) } \end{array} \\ \hline 1 & 85 & 95 \\ 2 & 55 & 55 \\ 3 & 70 & 45 \\ 4 & 60 & 75 \\ \hline \end{array}\] -Use the information in Table 10.9.What is the mean absolute percent error for the data?

A) less than 5% B) greater than or equal to 5%, but less than 13% C) greater than or equal to 13%, but less than or equal to 18% D) greater than 18% A) less than 5% B) greater than or equal to 5%, but less than 13% C) greater than or equal to 13%, but less than or equal to 18% D) greater than 18%

Table 10.8 A manager wants to forecast the monthly demand for a machine the company produces. \[\begin{array} { | c | c | } \hline \text { Month } & \begin{array} { c } \text { No. Machines } \\ \text { Sold } \end{array} \\ \hline 1 & 50 \\ 2 & 65 \\ 3 & 52 \\ 4 & 56 \\ 5 & 55 \\ 6 & 60 \\ \hline \end{array}\] -Use the information in Table 10.8.Calculate the MAD for months 4 through 6 for the weighted moving average forecasts.The weights are 0.50,0.30,and 0.20,where 0.50 refers to the most recent demand.

A) less than or equal to 2 B) greater than 2 but less than or equal to 3 C) greater than 3 but less than or equal to 4 D) greater than 4 A) less than or equal to 2 B) greater than 2 but less than or equal to 3 C) greater than 3 but less than or equal to 4 D) greater than 4

Table 10.3 \[\begin{array} { | c | c | } \hline \text { Week } & \begin{array} { c } \text { Patient } \\ \text { Arrivals } \end{array} \\ \hline 1 & 401 \\ 2 & 380 \\ 3 & 411 \\ 4 & 384 \\ \hline \end{array}\] -Use the information in Table 10.3.Calculate the exponential smoothing forecast for week 5 using ? = 0.10 and $\mathrm { F } _ { 4 }$ = 410.

A) less than or equal to 400 B) greater than 400 but less than or equal to 408 C) greater than 408 but less than or equal to 416 D) greater than 416 A) less than or equal to 400 B) greater than 400 but less than or equal to 408 C) greater than 408 but less than or equal to 416 D) greater than 416

Table 10.9 \[\begin{array} { | c | c | c | } \hline \text { Quarter } & \begin{array} { c } \text { Forecasted } \\ \text { Demand } \\ \text { (Units) } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Demand } \\ \text { (Units) } \end{array} \\ \hline 1 & 85 & 95 \\ 2 & 55 & 55 \\ 3 & 70 & 45 \\ 4 & 60 & 75 \\ \hline \end{array}\] -Use the information in Table 10.9.What is the cumulative sum of forecast errors for the data?

A) 0 units B) greater than 0, but less than or equal to 25 units C) greater than 25, but less than or equal to 50 units D) greater than 50 units A) 0 units B) greater than 0, but less than or equal to 25 units C) greater than 25, but less than or equal to 50 units D) greater than 50 units

Exam 10: Managing Demand and Forecasting

Calculate three forecasts using the following data.First,for periods 4 through 11,develop the exponentially smoothed forecasts using a forecast for period 3 (F?)of 45.0 and an alpha of 0.3.Second,calculate the 3-period moving average forecast for periods 4 through 11.Third,calculate the weighted moving average for periods 4 through 11,using weights of .50,.30,and .20.Calculate the mean absolute deviation (MAD)and the cumulative sum of forecast error (CFE)for each forecasting procedure.Which forecasting procedure would you select? Why? Month Demand 1 45 2 48 3 42 4 48 5 49 6 54 7 47 8 50 9 46 10 47

(Essay)

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Question 161

Table 10.9 Quarter Forecasted Demand (Units) Actual Demand (Units) 1 85 95 2 55 55 3 70 45 4 60 75 -Use the information in Table 10.9.What is the mean absolute percent error for the data?

(Multiple Choice)

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Question 162

Which one of the following statements about forecasting is TRUE?

(Multiple Choice)

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Question 163

Only a handful of organizations experience seasonal demand for their goods or services.

(True/False)

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Question 164

Forecasts always contain errors.

(True/False)

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Question 165

Table 10.8 A manager wants to forecast the monthly demand for a machine the company produces. Month No. Machines Sold 1 50 2 65 3 52 4 56 5 55 6 60 -Use the information in Table 10.8.Calculate the MAD for months 4 through 6 for the weighted moving average forecasts.The weights are 0.50,0.30,and 0.20,where 0.50 refers to the most recent demand.

(Multiple Choice)

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Question 166

A(n)________ is a customer order that cannot be filled immediately but is filled as soon as possible.

(Short Answer)

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Question 167

The process of developing a forecast based on gaining consensus from a group of experts while maintaining their anonymity is called the Delphi method.

(True/False)

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Question 168

With the multiplicative seasonal method of forecasting,

(Multiple Choice)

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Question 169

Table 10.3 Week Patient Arrivals 1 401 2 380 3 411 4 384 -Use the information in Table 10.3.Calculate the exponential smoothing forecast for week 5 using ? = 0.10 and $\mathrm { F } _ { 4 }$ = 410.

(Multiple Choice)

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Question 170

A causal model,time cannot be used as an independent variable.

(True/False)

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Question 171

What is focus forecasting?

(Essay)

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Question 172

________ is a time-series method used to estimate the average of a demand time series by averaging the demand for the n most recent time periods.

(Short Answer)

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Question 173

Random variation is an aspect of demand that increases the accuracy of the forecast.

(True/False)

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Question 174

Table 10.9 Quarter Forecasted Demand (Units) Actual Demand (Units) 1 85 95 2 55 55 3 70 45 4 60 75 -Use the information in Table 10.9.What is the cumulative sum of forecast errors for the data?

(Multiple Choice)

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Question 175

The simplest form of the Illini are regression model is: y = a + bx.Based on this basic model,briefly explain how linear regression is used as a causal method of forecasting.

(Essay)

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Question 176

________ is the act of clustering several similar products or services so that companies can obtain more accurate forecasts.

(Short Answer)

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Question 177

Doctors,dentists,lawyers,and automobile repair shops are examples of service providers that use ________.

(Short Answer)

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Question 178

Time-series analysis is a statistical approach that relies heavily on historical demand data to project the future size of demand.

(True/False)

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Question 179

A(n)________ is a measure that indicates whether a method of forecasting is accurately predicting actual changes in demand.

(Short Answer)

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Question 180

Table 10.9 Quarter Forecasted Demand (Units) Actual Demand (Units) 1 85 95 2 55 55 3 70 45 4 60 75 -Use the information in Table 10.9.What is the mean absolute percent error for the data?

Which one of the following statements about forecasting is TRUE?

Only a handful of organizations experience seasonal demand for their goods or services.

Forecasts always contain errors.

A(n)________ is a customer order that cannot be filled immediately but is filled as soon as possible.

The process of developing a forecast based on gaining consensus from a group of experts while maintaining their anonymity is called the Delphi method.

With the multiplicative seasonal method of forecasting,

Table 10.3 Week Patient Arrivals 1 401 2 380 3 411 4 384 -Use the information in Table 10.3.Calculate the exponential smoothing forecast for week 5 using ? = 0.10 and $\mathrm { F } _ { 4 }$ = 410.

A causal model,time cannot be used as an independent variable.

What is focus forecasting?

________ is a time-series method used to estimate the average of a demand time series by averaging the demand for the n most recent time periods.

Random variation is an aspect of demand that increases the accuracy of the forecast.

Table 10.9 Quarter Forecasted Demand (Units) Actual Demand (Units) 1 85 95 2 55 55 3 70 45 4 60 75 -Use the information in Table 10.9.What is the cumulative sum of forecast errors for the data?

The simplest form of the Illini are regression model is: y = a + bx.Based on this basic model,briefly explain how linear regression is used as a causal method of forecasting.

________ is the act of clustering several similar products or services so that companies can obtain more accurate forecasts.

Doctors,dentists,lawyers,and automobile repair shops are examples of service providers that use ________.

Time-series analysis is a statistical approach that relies heavily on historical demand data to project the future size of demand.

A(n)________ is a measure that indicates whether a method of forecasting is accurately predicting actual changes in demand.

Creating Customer Value through Operations

Supply Chain Management

Process Configuration

Capacity

Inventory Management

Quality and Process Improvement

Lean Systems

Managing Projects

Location and Layout

Operations Planning and Scheduling

Resource Planning

Decision Making

Financial Analysis

Work Measurement

Learning Curve Analysis

Computer-Integrated Manufacturing

Acceptance Sampling Plans

Simulation

Special Inventory Models

Linear Programming

Waiting Lines

Filters

Exam 10: Managing Demand and Forecasting

Table 10.9 Quarter Forecasted Demand (Units) Actual Demand (Units) 1 85 95 2 55 55 3 70 45 4 60 75 -Use the information in Table 10.9.What is the mean absolute percent error for the data?

Which one of the following statements about forecasting is TRUE?

Only a handful of organizations experience seasonal demand for their goods or services.

Forecasts always contain errors.

A(n)________ is a customer order that cannot be filled immediately but is filled as soon as possible.

The process of developing a forecast based on gaining consensus from a group of experts while maintaining their anonymity is called the Delphi method.

With the multiplicative seasonal method of forecasting,

Table 10.3 Week Patient Arrivals 1 401 2 380 3 411 4 384 -Use the information in Table 10.3.Calculate the exponential smoothing forecast for week 5 using ? = 0.10 and F4\mathrm { F } _ { 4 }F4​ = 410.

A causal model,time cannot be used as an independent variable.

What is focus forecasting?

________ is a time-series method used to estimate the average of a demand time series by averaging the demand for the n most recent time periods.

Random variation is an aspect of demand that increases the accuracy of the forecast.

Table 10.9 Quarter Forecasted Demand (Units) Actual Demand (Units) 1 85 95 2 55 55 3 70 45 4 60 75 -Use the information in Table 10.9.What is the cumulative sum of forecast errors for the data?

The simplest form of the Illini are regression model is: y = a + bx.Based on this basic model,briefly explain how linear regression is used as a causal method of forecasting.

________ is the act of clustering several similar products or services so that companies can obtain more accurate forecasts.

Doctors,dentists,lawyers,and automobile repair shops are examples of service providers that use ________.

Time-series analysis is a statistical approach that relies heavily on historical demand data to project the future size of demand.

A(n)________ is a measure that indicates whether a method of forecasting is accurately predicting actual changes in demand.

Creating Customer Value through Operations

Supply Chain Management

Process Configuration

Capacity

Inventory Management

Quality and Process Improvement

Lean Systems

Managing Projects

Location and Layout

Operations Planning and Scheduling

Resource Planning

Decision Making

Financial Analysis

Work Measurement

Learning Curve Analysis

Computer-Integrated Manufacturing

Acceptance Sampling Plans

Simulation

Special Inventory Models

Linear Programming

Waiting Lines

Filters

Table 10.3 Week Patient Arrivals 1 401 2 380 3 411 4 384 -Use the information in Table 10.3.Calculate the exponential smoothing forecast for week 5 using ? = 0.10 and $\mathrm { F } _ { 4 }$ = 410.