Question 1

When no historical data are available,_____ is the sole basis for predicting future demands.

Accepted Answer

A)  statistical forecasting 
B)  regression analysis 
C)  judgmental forecasting 
D)  exponential smoothing 
A)  statistical forecasting 
B)  regression analysis 
C)  judgmental forecasting 
D)  exponential smoothing C

Question 2

_____ is a common approach to gather data for judgmental forecasts.

Accepted Answer

A)  A moving average model 
B)  Regression analysis 
C)  A survey questionnaire 
D)  Single exponential smoothing 
A)  A moving average model 
B)  Regression analysis 
C)  A survey questionnaire 
D)  Single exponential smoothing C

Question 3

A tracking signal provides a method for monitoring a forecast by quantifying _____.

Accepted Answer

A)  bias 
B)  throughput 
C)  probability 
D)  validity 
A)  bias 
B)  throughput 
C)  probability 
D)  validity A

Question 4

Alex,a manager at Symbic Inc.,plotted the company's total energy costs of 1 billion dollars over the past 10 years on a chart.The chart suggested that the energy costs appear to be increasing in a fairly predictable linear fashion and that the energy costs are related to time by a linear function Yt =3+5t,where Yt represents the estimate of the energy cost in year t.Given the equation,which of the following is the value of the intercept of the straight line that best fits the time series?

Accepted Answer

A)  1 
B)  3 
C)  5 
D)  10 
A)  1 
B)  3 
C)  5 
D)  10

Question 5

_____ are used by operations managers to plan production schedules and assign workers to jobs.

Accepted Answer

A)  Balanced scorecards 
B)  Intermediate-range forecasts 
C)  Short-range forecasts 
D)  Credit scorecards 
A)  Balanced scorecards 
B)  Intermediate-range forecasts 
C)  Short-range forecasts 
D)  Credit scorecards

Question 6

_____ are needed to plan workforce levels,allocate budgets among divisions,and schedule jobs and resources.

Accepted Answer

A)  Make-to-order operations 
B)  Intermediate-range forecasts 
C)  Short-range forecasts 
D)  Make-to-stock operations 
A)  Make-to-order operations 
B)  Intermediate-range forecasts 
C)  Short-range forecasts 
D)  Make-to-stock operations

Question 7

In the context of causal forecasting models with multiple regression,an R-squared (R2)value of 0.70 means that 30 percent of the variation in the dependent variable is explained by the independent variable.

Accepted Answer

A) True 
 B)False

Question 8

_____ is a method for building a statistical model that defines a relationship between a single dependent variable and one or more independent variables,all of which are numerical.

Accepted Answer

A)  The Delphi method 
B)  Regression analysis 
C)  Judgmental forecasting 
D)  The Cooke method 
A)  The Delphi method 
B)  Regression analysis 
C)  Judgmental forecasting 
D)  The Cooke method

Question 9

In the context of data patterns in a time series,regular patterns in a data series that take place over long periods of time are called _____ patterns.

Accepted Answer

A)  orthographic 
B)  seasonal 
C)  cyclical 
D)  parallel patterns 
A)  orthographic 
B)  seasonal 
C)  cyclical 
D)  parallel patterns

Question 10

Forecasting is a key component in customer relationship management.

Accepted Answer

A) True 
 B)False

Question 11

In the context of a fairly stable time series with relatively little random variability,which of the following statements is true of single exponential smoothing (SES)?

Accepted Answer

A)  Values of the smoothing constant larger than 0.5 place more emphasis on recent data. 
B)  Exponential smoothing models completely forget past data if the smoothing constant is strictly between 0 and 1. 
C)  Typical values for the smoothing constant are in the range of 1 to 1.5. 
D)  Values of the smoothing constant smaller than 0.1 allow a forecast to react faster to changing conditions. 
A)  Values of the smoothing constant larger than 0.5 place more emphasis on recent data. 
B)  Exponential smoothing models completely forget past data if the smoothing constant is strictly between 0 and 1. 
C)  Typical values for the smoothing constant are in the range of 1 to 1.5. 
D)  Values of the smoothing constant smaller than 0.1 allow a forecast to react faster to changing conditions.

Question 12

Moving average (MA)methods work best when:

Accepted Answer

A)  a long planning horizon is involved. 
B)  a cyclical pattern is observed in a time series. 
C)  demand is relatively stable and consistent. 
D)  there is a major trend in a time series. 
A)  a long planning horizon is involved. 
B)  a cyclical pattern is observed in a time series. 
C)  demand is relatively stable and consistent. 
D)  there is a major trend in a time series.

Question 13

In the context of forecasting,the term _____ refers to the tendency of forecasts to consistently be larger or smaller than the actual values of the time series.

Accepted Answer

A)  trend 
B)  bias 
C)  fad 
D)  variability 
A)  trend 
B)  bias 
C)  fad 
D)  variability

Question 14

In the context of demand planning,customers' wants and needs define the customer benefit package.

Accepted Answer

A) True 
 B)False

Question 15

_____ is based on the assumption that the future will be an extrapolation of the past.

Accepted Answer

A)  Judgmental forecasting 
B)  Statistical forecasting 
C)  The Delphi method 
D)  The Cooke method 
A)  Judgmental forecasting 
B)  Statistical forecasting 
C)  The Delphi method 
D)  The Cooke method

Question 16

Forecast _____ is the difference between the observed value of the time series and the forecast.

Accepted Answer

A)  error 
B)  consumption 
C)  precision 
D)  density 
A)  error 
B)  consumption 
C)  precision 
D)  density

Question 17

Call center service training is a preproduction service that requires forecasts to create value in a value chain.

Accepted Answer

A) True 
 B)False

Question 18

In the context of forecasting errors,_____ eliminates the measurement scale factor.

Accepted Answer

A)  normalized mean signed deviation 
B)  mean absolute deviation 
C)  normalized root mean square error 
D)  mean absolute percentage error 
A)  normalized mean signed deviation 
B)  mean absolute deviation 
C)  normalized root mean square error 
D)  mean absolute percentage error

Question 19

A moving average (MA)method is most appropriate for data with major identifiable trends.

Accepted Answer

A) True 
 B)False

Question 20

If the time series in an exponential smoothing model exhibits a negative trend,the _____.

Accepted Answer

A)  mean square error will be negative 
B)  value of smoothing constant will either be less than zero or greater than one 
C)  forecast will overshoot the actual values 
D)  future forecasts will rely solely upon expertise of people in developing forecasts 
A)  mean square error will be negative 
B)  value of smoothing constant will either be less than zero or greater than one 
C)  forecast will overshoot the actual values 
D)  future forecasts will rely solely upon expertise of people in developing forecasts

When no historical data are available,_____ is the sole basis for predicting future demands.

_____ is a common approach to gather data for judgmental forecasts.

A tracking signal provides a method for monitoring a forecast by quantifying _____.

_____ are used by operations managers to plan production schedules and assign workers to jobs.

_____ are needed to plan workforce levels,allocate budgets among divisions,and schedule jobs and resources.

In the context of causal forecasting models with multiple regression,an R-squared (R²)value of 0.70 means that 30 percent of the variation in the dependent variable is explained by the independent variable.

_____ is a method for building a statistical model that defines a relationship between a single dependent variable and one or more independent variables,all of which are numerical.

In the context of data patterns in a time series,regular patterns in a data series that take place over long periods of time are called _____ patterns.

Forecasting is a key component in customer relationship management.

In the context of a fairly stable time series with relatively little random variability,which of the following statements is true of single exponential smoothing (SES)?

Moving average (MA)methods work best when:

In the context of forecasting,the term _____ refers to the tendency of forecasts to consistently be larger or smaller than the actual values of the time series.

In the context of demand planning,customers' wants and needs define the customer benefit package.

_____ is based on the assumption that the future will be an extrapolation of the past.

Forecast _____ is the difference between the observed value of the time series and the forecast.

Call center service training is a preproduction service that requires forecasts to create value in a value chain.

In the context of forecasting errors,_____ eliminates the measurement scale factor.

A moving average (MA)method is most appropriate for data with major identifiable trends.

If the time series in an exponential smoothing model exhibits a negative trend,the _____.

Operations Management and Value Chains

Measuring Performance in Operations and Value Chains

Operations Strategy

Technology and Operations Management

Goods and Service Design

Supply Chain Design

Process Selection,design,and Improvement

Facility and Work Design

Capacity Management

Process Analysis and Resource Utilization

Managing Inventories in Supply Chains

Supply Chain Management and Logistics

Resource Management

Operations Scheduling and Sequencing

Quality Management

Quality Control Spc

Lean Operating Systems

Project Management

Filters

Exam 9: Forecasting and Demand Planning

When no historical data are available,_____ is the sole basis for predicting future demands.

_____ is a common approach to gather data for judgmental forecasts.

A tracking signal provides a method for monitoring a forecast by quantifying _____.

_____ are used by operations managers to plan production schedules and assign workers to jobs.

_____ are needed to plan workforce levels,allocate budgets among divisions,and schedule jobs and resources.

In the context of causal forecasting models with multiple regression,an R-squared (R2)value of 0.70 means that 30 percent of the variation in the dependent variable is explained by the independent variable.

_____ is a method for building a statistical model that defines a relationship between a single dependent variable and one or more independent variables,all of which are numerical.

In the context of data patterns in a time series,regular patterns in a data series that take place over long periods of time are called _____ patterns.

Forecasting is a key component in customer relationship management.

In the context of a fairly stable time series with relatively little random variability,which of the following statements is true of single exponential smoothing (SES)?

Moving average (MA)methods work best when:

In the context of forecasting,the term _____ refers to the tendency of forecasts to consistently be larger or smaller than the actual values of the time series.

In the context of demand planning,customers' wants and needs define the customer benefit package.

_____ is based on the assumption that the future will be an extrapolation of the past.

Forecast _____ is the difference between the observed value of the time series and the forecast.

Call center service training is a preproduction service that requires forecasts to create value in a value chain.

In the context of forecasting errors,_____ eliminates the measurement scale factor.

A moving average (MA)method is most appropriate for data with major identifiable trends.

If the time series in an exponential smoothing model exhibits a negative trend,the _____.

Operations Management and Value Chains

Measuring Performance in Operations and Value Chains

Operations Strategy

Technology and Operations Management

Goods and Service Design

Supply Chain Design

Process Selection,design,and Improvement

Facility and Work Design

Capacity Management

Process Analysis and Resource Utilization

Managing Inventories in Supply Chains

Supply Chain Management and Logistics

Resource Management

Operations Scheduling and Sequencing

Quality Management

Quality Control Spc

Lean Operating Systems

Project Management

Filters

In the context of causal forecasting models with multiple regression,an R-squared (R²)value of 0.70 means that 30 percent of the variation in the dependent variable is explained by the independent variable.