Question 1

________ is the smoothing constant for the trend adjustment in an exponential smoothing forecast.

Accepted Answer

A)  Alpha 
B)  Beta 
C)  Gamma 
D)  Delta 
A)  Alpha 
B)  Beta 
C)  Gamma 
D)  Delta B

Question 2

Seasonal adjustment involves the deseasonalization of data in a given cycle after smoothing.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following forecasting models is required for the forecast of the demand for hotel services?

Accepted Answer

A)  Subjective and causal. 
B)  Subjective and time series. 
C)  Time series and causal. 
D)  Only time series. 
A)  Subjective and causal. 
B)  Subjective and time series. 
C)  Time series and causal. 
D)  Only time series. C

Question 4

Fast-food restaurants use a causal model to forecast daily demand for menu items.

Accepted Answer

A) True 
 B)False

Question 5

Survey results are used in ________.

Accepted Answer

A)  regression 
B)  cross-impact analysis 
C)  econometric models 
D)  Delphi method 
A)  regression 
B)  cross-impact analysis 
C)  econometric models 
D)  Delphi method

Question 6

The main advantage that simple moving-average models have over exponentially-smoothed models is that they can be made to give any desired weight to specific periods in the past.

Accepted Answer

A) True 
 B)False

Question 7

Exponential smoothing prevents overreaction to extremes in the actual observed values.

Accepted Answer

A) True 
 B)False

Question 8

In the Delphi method, the opinions of experts are collected, then the analyst resolves differences of opinion to arrive at a consensus.

Accepted Answer

A) True 
 B)False

Question 9

Both measures of forecast accuracy, MAD and MSE, give equal weight to all forecasting errors.

Accepted Answer

A) True 
 B)False

Question 10

One reason exponential smoothing is so popular is the ease with which it can be made to accommodate trend and seasonality in its forecasts.

Accepted Answer

A) True 
 B)False

Question 11

The ________ forecasting method requires the most computer power.

Accepted Answer

A)  econometric 
B)  cross-impact 
C)  regression 
D)  historical analogy 
A)  econometric 
B)  cross-impact 
C)  regression 
D)  historical analogy

Question 12

The cost of formulating, developing, and testing regression models, plus the expertise required to interpret results, often dictates the use of this model only for medium-term or long-term forecasting.

Accepted Answer

A) True 
 B)False

Question 13

The usual range of the smoothing constant for a simple exponential smoothing forecast is ________.

Accepted Answer

A)  0.1 - 0.5 
B)  0.3 - 0.7 
C)  0.5 - 0.7 
D)  0.5 - 1.0 
A)  0.1 - 0.5 
B)  0.3 - 0.7 
C)  0.5 - 0.7 
D)  0.5 - 1.0

Question 14

Exponential smoothing uses a feedback control mechanism because ________.

Accepted Answer

A)  α is less than 1 
B)  calculations are based on modifying the previous smooth value 
C)  the calculation contains the forecast error 
D)  the weights given to past data are exponentially distributed 
A)  α is less than 1 
B)  calculations are based on modifying the previous smooth value 
C)  the calculation contains the forecast error 
D)  the weights given to past data are exponentially distributed

Question 15

All of the following are forecasting models, except ________ model.

Accepted Answer

A)  subjective 
B)  objective 
C)  causal 
D)  time series 
A)  subjective 
B)  objective 
C)  causal 
D)  time series

Question 16

Most forecasting models assume that the underlying pattern of behavior of their data will remain the same. The only component of error is attributable to random fluctuations that are not under the control of anyone.

Accepted Answer

A) True 
 B)False

Question 17

The trade-off to be made with respect to accuracy is between the costs of inaccurate forecasts and the costs of increasing the accuracy of forecasts.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following methods is an example of a causal model?

Accepted Answer

A)  Delphi method. 
B)  Moving average. 
C)  Cross-impact analysis. 
D)  Regression. 
A)  Delphi method. 
B)  Moving average. 
C)  Cross-impact analysis. 
D)  Regression.

Question 19

________ is the best for forecasting demand.

Accepted Answer

A)  Exponential smoothing 
B)  Historical analogy 
C)  Delphi method 
D)  Econometrics 
A)  Exponential smoothing 
B)  Historical analogy 
C)  Delphi method 
D)  Econometrics

Question 20

Regression models require all of the following, except ________.

Accepted Answer

A)  numerical data 
B)  subjective data 
C)  independent variables 
D)  dependent variable 
A)  numerical data 
B)  subjective data 
C)  independent variables 
D)  dependent variable

________ is the smoothing constant for the trend adjustment in an exponential smoothing forecast.

Seasonal adjustment involves the deseasonalization of data in a given cycle after smoothing.

Which of the following forecasting models is required for the forecast of the demand for hotel services?

Fast-food restaurants use a causal model to forecast daily demand for menu items.

Survey results are used in ________.

The main advantage that simple moving-average models have over exponentially-smoothed models is that they can be made to give any desired weight to specific periods in the past.

Exponential smoothing prevents overreaction to extremes in the actual observed values.

In the Delphi method, the opinions of experts are collected, then the analyst resolves differences of opinion to arrive at a consensus.

Both measures of forecast accuracy, MAD and MSE, give equal weight to all forecasting errors.

One reason exponential smoothing is so popular is the ease with which it can be made to accommodate trend and seasonality in its forecasts.

The ________ forecasting method requires the most computer power.

The cost of formulating, developing, and testing regression models, plus the expertise required to interpret results, often dictates the use of this model only for medium-term or long-term forecasting.

The usual range of the smoothing constant for a simple exponential smoothing forecast is ________.

Exponential smoothing uses a feedback control mechanism because ________.

All of the following are forecasting models, except ________ model.

Most forecasting models assume that the underlying pattern of behavior of their data will remain the same. The only component of error is attributable to random fluctuations that are not under the control of anyone.

The trade-off to be made with respect to accuracy is between the costs of inaccurate forecasts and the costs of increasing the accuracy of forecasts.

Which of the following methods is an example of a causal model?

________ is the best for forecasting demand.

Regression models require all of the following, except ________.

The Service Economy

Service Strategy

New Service Development

The Service Encounter

Supporting Facility and Process Flows

Service Quality

Process Improvement

Service Facility Location

Service Supply Relationships

Globalization of Services

Managing Capacity and Demand

Managing Waiting Lines

Capacity Planning and Queuing Models

Managing Service Inventory

Managing Service Projects

Filters

Exam 14: Forecasting Demand for Services

________ is the smoothing constant for the trend adjustment in an exponential smoothing forecast.

Seasonal adjustment involves the deseasonalization of data in a given cycle after smoothing.

Which of the following forecasting models is required for the forecast of the demand for hotel services?

Fast-food restaurants use a causal model to forecast daily demand for menu items.

Survey results are used in ________.

The main advantage that simple moving-average models have over exponentially-smoothed models is that they can be made to give any desired weight to specific periods in the past.

Exponential smoothing prevents overreaction to extremes in the actual observed values.

In the Delphi method, the opinions of experts are collected, then the analyst resolves differences of opinion to arrive at a consensus.

Both measures of forecast accuracy, MAD and MSE, give equal weight to all forecasting errors.

One reason exponential smoothing is so popular is the ease with which it can be made to accommodate trend and seasonality in its forecasts.

The ________ forecasting method requires the most computer power.

The cost of formulating, developing, and testing regression models, plus the expertise required to interpret results, often dictates the use of this model only for medium-term or long-term forecasting.

The usual range of the smoothing constant for a simple exponential smoothing forecast is ________.

Exponential smoothing uses a feedback control mechanism because ________.

All of the following are forecasting models, except ________ model.

Most forecasting models assume that the underlying pattern of behavior of their data will remain the same. The only component of error is attributable to random fluctuations that are not under the control of anyone.

The trade-off to be made with respect to accuracy is between the costs of inaccurate forecasts and the costs of increasing the accuracy of forecasts.

Which of the following methods is an example of a causal model?

________ is the best for forecasting demand.

Regression models require all of the following, except ________.

The Service Economy

Service Strategy

New Service Development

The Service Encounter

Supporting Facility and Process Flows

Service Quality

Process Improvement

Service Facility Location

Service Supply Relationships

Globalization of Services

Managing Capacity and Demand

Managing Waiting Lines

Capacity Planning and Queuing Models

Managing Service Inventory

Managing Service Projects

Filters