Question 1

Aggregate forecasts are usually more accurate than disaggregate forecasts because

Accepted Answer

A)  aggregate forecasts tend to have a larger standard deviation of error relative to the mean. 
B)  aggregate forecasts tend to have a smaller standard deviation of error relative to the mean. 
C)  disaggregate forecasts tend to have a smaller standard deviation of error relative to the mean. 
D)  disaggregate forecasts tend to have less standard deviation of error relative to the mean. 
A)  aggregate forecasts tend to have a larger standard deviation of error relative to the mean. 
B)  aggregate forecasts tend to have a smaller standard deviation of error relative to the mean. 
C)  disaggregate forecasts tend to have a smaller standard deviation of error relative to the mean. 
D)  disaggregate forecasts tend to have less standard deviation of error relative to the mean.

Question 2

Leaders in many supply chains have started moving toward collaborative forecasting to improve their ability to match supply and demand.

Accepted Answer

A) True 
 B)False

Question 3

The forecast error measures the difference between the forecast and the estimate.

Accepted Answer

A) True 
 B)False

Question 4

Marshmallow Madness
Historical demand for Peeps is as displayed in the table.
$\begin{array} { | c | c | } 
\hline \text { Month } & \text { Demand } \
\hline \text { January } & 11 \
\hline \text { February } & 18 \
\hline \text { March } & 31 \
\hline \text { April } & 39 \
\hline \text { May } & 44 \
\hline \text { June } & 53 \
\hline \text { July } & 67 \
\hline \text { August } & 82 \
\hline \text { September } & 96 \
\hline
\end{array}$
-What is the trend component of Holt's model for period 0?

Accepted Answer

A)  -2.5 
B)  10.3 
C)  2.5 
D)  6.4 
A)  -2.5 
B)  10.3 
C)  2.5 
D)  6.4

Question 5

Forecasting methods that use historical demand to make a forecast are known as

Accepted Answer

A)  qualitative forecasting methods. 
B)  time series forecasting methods. 
C)  causal forecasting methods. 
D)  simulation forecasting methods. 
A)  qualitative forecasting methods. 
B)  time series forecasting methods. 
C)  causal forecasting methods. 
D)  simulation forecasting methods.

Question 6

Discuss key issues of forecasting in practice.

Accepted Answer

Collaborate in building forecasts. Colla

Question 7

Forecasting and the accompanying managerial decisions are extremely difficult when either the supply of raw materials or the demand for the finished product is highly unpredictable.

Accepted Answer

A) True 
 B)False

Question 8

________ forecasting methods assume that the demand forecast is highly correlated with certain factors in the environment (the state of the economy, interest rates, etc.).

Accepted Answer

A)  Qualitative 
B)  Time-series 
C)  Causal 
D)  Simulation 
A)  Qualitative 
B)  Time-series 
C)  Causal 
D)  Simulation

Question 9

Describe the basic characteristics of forecasts that managers should be aware.

Accepted Answer

Companies and supply chain managers shou

Question 10

Use this table to answer the following question: 
$\begin{array} { | c | c | } 
\hline \text { Period } & \text { Demand } \
\hline 1 & 173 \
\hline 2 & 177 \
\hline 3 & 180 \
\hline 4 & 151 \
\hline 5 & 168 \
\hline 6 & 184 \
\hline 7 & 198 \
\hline 8 & 191 \
\hline 9 & 167 \
\hline 10 & 177 \
\hline
\end{array}$
-What is the mean absolute percentage error if the forecasts for periods 1-10 are in order, 176.6, 174.2, 176.1, 178.7, 160.4, 165.4, 177.7, 191.1, 191.0, and 175.2?

Accepted Answer

A)  5.8 
B)  5.6 
C)  5.4 
D)  5.2 
A)  5.8 
B)  5.6 
C)  5.4 
D)  5.2

Question 11

Causal forecasting methods find a correlation between demand and environmental factors and use estimates of what environmental factors will be to forecast future demand.

Accepted Answer

A) True 
 B)False

Question 12

Leaders in many supply chains have started moving

Accepted Answer

A)  toward independent forecasting to improve their ability to match supply and demand. 
B)  toward consecutive forecasting to improve their ability to match supply and demand. 
C)  toward sequential forecasting to improve their ability to match supply and demand. 
D)  toward collaborative forecasting to improve their ability to match supply and demand. 
A)  toward independent forecasting to improve their ability to match supply and demand. 
B)  toward consecutive forecasting to improve their ability to match supply and demand. 
C)  toward sequential forecasting to improve their ability to match supply and demand. 
D)  toward collaborative forecasting to improve their ability to match supply and demand.

Question 13

Use this table to answer the following question: 
$\begin{array} { | c | c | } 
\hline \text { Period } & \text { Demand } \
\hline 1 & 173 \
\hline 2 & 177 \
\hline 3 & 180 \
\hline 4 & 151 \
\hline 5 & 168 \
\hline 6 & 184 \
\hline 7 & 198 \
\hline 8 & 191 \
\hline 9 & 167 \
\hline 10 & 177 \
\hline
\end{array}$
-Calculate the MAD for this Table if the forecasts for periods 1-10 are in order, 176.6, 174.2, 176.1, 178.7, 160.4, 165.4, 177.7, 191.1, 191.0, and 175.2.

Accepted Answer

A)  11.04 
B)  9.52 
C)  10.40 
D)  12.25 
A)  11.04 
B)  9.52 
C)  10.40 
D)  12.25

Question 14

Time series forecasting methods are the most difficult methods to implement.

Accepted Answer

A) True 
 B)False

Question 15

Explain the basic, six-step approach to help an organization perform effective forecasting.

Accepted Answer

The following basic, six-step approach h

Question 16

The ________ is a good measure of forecast error when the underlying forecast has significant seasonality and demand varies considerably from one period to the next.

Accepted Answer

A)  MAD 
B)  MSE 
C)  MKE 
D)  MAPE 
A)  MAD 
B)  MSE 
C)  MKE 
D)  MAPE

Question 17

The result when each stage in the supply chain makes its own separate forecast is often a match between supply and demand because these forecasts are often very different.

Accepted Answer

A) True 
 B)False

Question 18

________ forecasting methods are primarily subjective and rely on human judgment.

Accepted Answer

A)  Qualitative 
B)  Time-series 
C)  Causal 
D)  Simulation 
A)  Qualitative 
B)  Time-series 
C)  Causal 
D)  Simulation

Question 19

The measure of forecast error where the average absolute error of each forecast is shown as a percentage of demand is

Accepted Answer

A)  mean squared error (MS
E) . 
B)  mean absolute percentage error (MAP
E) . 
C)  bias. 
D)  the tracking signal. 
A)  mean squared error (MS
E) . 
B)  mean absolute percentage error (MAP
E) . 
C)  bias. 
D)  the tracking signal.

Question 20

Forecasting and the accompanying managerial decisions are extremely difficult when either the supply of raw materials or the demand for the finished product is highly variable.

Accepted Answer

A) True 
 B)False

Aggregate forecasts are usually more accurate than disaggregate forecasts because

Leaders in many supply chains have started moving toward collaborative forecasting to improve their ability to match supply and demand.

The forecast error measures the difference between the forecast and the estimate.

Marshmallow Madness Historical demand for Peeps is as displayed in the table. Month Demand January 11 February 18 March 31 April 39 May 44 June 53 July 67 August 82 September 96 -What is the trend component of Holt's model for period 0?

Forecasting methods that use historical demand to make a forecast are known as

Discuss key issues of forecasting in practice.

Forecasting and the accompanying managerial decisions are extremely difficult when either the supply of raw materials or the demand for the finished product is highly unpredictable.

________ forecasting methods assume that the demand forecast is highly correlated with certain factors in the environment (the state of the economy, interest rates, etc.).

Describe the basic characteristics of forecasts that managers should be aware.

Use this table to answer the following question: Period Demand 1 173 2 177 3 180 4 151 5 168 6 184 7 198 8 191 9 167 10 177 -What is the mean absolute percentage error if the forecasts for periods 1-10 are in order, 176.6, 174.2, 176.1, 178.7, 160.4, 165.4, 177.7, 191.1, 191.0, and 175.2?

Causal forecasting methods find a correlation between demand and environmental factors and use estimates of what environmental factors will be to forecast future demand.

Leaders in many supply chains have started moving

Use this table to answer the following question: Period Demand 1 173 2 177 3 180 4 151 5 168 6 184 7 198 8 191 9 167 10 177 -Calculate the MAD for this Table if the forecasts for periods 1-10 are in order, 176.6, 174.2, 176.1, 178.7, 160.4, 165.4, 177.7, 191.1, 191.0, and 175.2.

Time series forecasting methods are the most difficult methods to implement.

Explain the basic, six-step approach to help an organization perform effective forecasting.

The ________ is a good measure of forecast error when the underlying forecast has significant seasonality and demand varies considerably from one period to the next.

The result when each stage in the supply chain makes its own separate forecast is often a match between supply and demand because these forecasts are often very different.

________ forecasting methods are primarily subjective and rely on human judgment.

The measure of forecast error where the average absolute error of each forecast is shown as a percentage of demand is

Forecasting and the accompanying managerial decisions are extremely difficult when either the supply of raw materials or the demand for the finished product is highly variable.

Understanding the Supply Chain

Supply Chain Performance: Achieving Strategic Fit and Scope

Supply Chain Drivers and Metrics

Designing Distribution Networks and Applications to e-Business

Network Design in the Supply Chain

Designing Global Supply Chain Networks

Aggregate Planning in a Supply Chain

Sales and Operations Planning: Planning Supply and Demand in a Supply Chain

Coordination in a Supply Chain

Managing Economies of Scale in the Supply Chain: Cycle Inventory

Managing Uncertainty in a Supply Chain: Safety Inventory

Determining the Optimal Level of Product Availability

Transportation in a Supply Chain

Sourcing Decisions in a Supply Chain

Pricing and Revenue Management in a Supply Chain

Sustainability and the Supply Chain

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Exam 7: Demand Forecasting in a Supply Chain

Aggregate forecasts are usually more accurate than disaggregate forecasts because

Leaders in many supply chains have started moving toward collaborative forecasting to improve their ability to match supply and demand.

The forecast error measures the difference between the forecast and the estimate.

Marshmallow Madness Historical demand for Peeps is as displayed in the table. Month Demand January 11 February 18 March 31 April 39 May 44 June 53 July 67 August 82 September 96 -What is the trend component of Holt's model for period 0?

Forecasting methods that use historical demand to make a forecast are known as

Discuss key issues of forecasting in practice.

Forecasting and the accompanying managerial decisions are extremely difficult when either the supply of raw materials or the demand for the finished product is highly unpredictable.

________ forecasting methods assume that the demand forecast is highly correlated with certain factors in the environment (the state of the economy, interest rates, etc.).

Describe the basic characteristics of forecasts that managers should be aware.

Use this table to answer the following question: Period Demand 1 173 2 177 3 180 4 151 5 168 6 184 7 198 8 191 9 167 10 177 -What is the mean absolute percentage error if the forecasts for periods 1-10 are in order, 176.6, 174.2, 176.1, 178.7, 160.4, 165.4, 177.7, 191.1, 191.0, and 175.2?

Causal forecasting methods find a correlation between demand and environmental factors and use estimates of what environmental factors will be to forecast future demand.

Leaders in many supply chains have started moving

Use this table to answer the following question: Period Demand 1 173 2 177 3 180 4 151 5 168 6 184 7 198 8 191 9 167 10 177 -Calculate the MAD for this Table if the forecasts for periods 1-10 are in order, 176.6, 174.2, 176.1, 178.7, 160.4, 165.4, 177.7, 191.1, 191.0, and 175.2.

Time series forecasting methods are the most difficult methods to implement.

Explain the basic, six-step approach to help an organization perform effective forecasting.

The ________ is a good measure of forecast error when the underlying forecast has significant seasonality and demand varies considerably from one period to the next.

The result when each stage in the supply chain makes its own separate forecast is often a match between supply and demand because these forecasts are often very different.

________ forecasting methods are primarily subjective and rely on human judgment.

The measure of forecast error where the average absolute error of each forecast is shown as a percentage of demand is

Forecasting and the accompanying managerial decisions are extremely difficult when either the supply of raw materials or the demand for the finished product is highly variable.

Understanding the Supply Chain

Supply Chain Performance: Achieving Strategic Fit and Scope

Supply Chain Drivers and Metrics

Designing Distribution Networks and Applications to e-Business

Network Design in the Supply Chain

Designing Global Supply Chain Networks

Aggregate Planning in a Supply Chain

Sales and Operations Planning: Planning Supply and Demand in a Supply Chain

Coordination in a Supply Chain

Managing Economies of Scale in the Supply Chain: Cycle Inventory

Managing Uncertainty in a Supply Chain: Safety Inventory

Determining the Optimal Level of Product Availability

Transportation in a Supply Chain

Sourcing Decisions in a Supply Chain

Pricing and Revenue Management in a Supply Chain

Sustainability and the Supply Chain

Filters