Exam 14: Forecasting Demand for Services

Econometric models are basically regression models that involve a system of equations.

The selection of candidate independent variables for a regression model to forecast motel occupancy requires input from knowledgeable marketing personnel.

The forecast horizon for a cross-impact analysis method is medium-term.

The key feature of the historical analogy method is that it assumes some future event is related to the occurrence of an earlier event.

Which of the following is not an advantage of the simple exponential smoothing model over the N-period moving average model?

In forecasting, the term 'cycle' refers to repetition of data ________.

Because of the nontangible nature of service, forecasting does not play as important role in service operations as in manufacturing operations.

The greatest advantage of subjective techniques like Delphi method and cross-impact analysis, is that the methods are fairly standardized and do not require much expertise in actual use.

Characteristics of forecasting models include all of the following, except ________.

Costs for preparing time series forecasts generally are lower than for other models.

The Delphi method is best used when forecasting ________.

The accuracy of a time-series model is dependent upon ________.

All of the following are characteristics of the moving-average model, except ________.

Subjective forecasting models are best characterized by ________.

Long-term forecasts do not deal with predictions for ________.

Both trend and seasonal adjustments can augment a single exponential-smoothing model.

Historical analogy involves comparative analysis of the introduction and growth patterns of new items with similar previously introduced items.

Subjective models are used to assess the future impact of changing demographics.

The forecast horizon for regression methods is ________.

In regression models, the variable of interest (being forecast) is called ________.