Question 1

What is this year's forecast using a two-year weighted moving average with weights of .7 and .3?

Accepted Answer

A) 19,400 
B) 18,600 
C) 19,000 
D) 11,400 
E) 10,600 
A) 19,400 
B) 18,600 
C) 19,000 
D) 11,400 
E) 10,600 A

Question 2

A consumer survey is an easy and sure way to obtain accurate input from future customers since most people enjoy participating in surveys.

Accepted Answer

A) True 
 B)False  False

Question 3

What is this week's forecast using the naive approach?

Accepted Answer

A) 45 
B) 50 
C) 52 
D) 65 
E) 78 
A) 45 
B) 50 
C) 52 
D) 65 
E) 78 B

Question 4

Given forecast errors of 5, 0, - 4, and 3, what is the bias?

Accepted Answer

A) - 4 
B) 4 
C) 5 
D) 12 
E) 6 
A) - 4 
B) 4 
C) 5 
D) 12 
E) 6

Question 5

What is the monthly rate of change (slope) of the least squares trend line for these data?

Accepted Answer

A) 320 
B) 102 
C) 8 
D) -0.4 
E) -8 
A) 320 
B) 102 
C) 8 
D) -0.4 
E) -8

Question 6

Which of the following corresponds to the predictor variable in simple linear regression?

Accepted Answer

A) regression coefficient 
B) dependent variable 
C) independent variable 
D) predicted variable 
E) demand coefficient 
A) regression coefficient 
B) dependent variable 
C) independent variable 
D) predicted variable 
E) demand coefficient

Question 7

Which term most closely relates to associative forecasting techniques?

Accepted Answer

A) time series data 
B) expert opinions 
C) Delphi technique 
D) consumer survey 
E) predictor variables 
A) time series data 
B) expert opinions 
C) Delphi technique 
D) consumer survey 
E) predictor variables

Question 8

Use of simple linear regression analysis assumes that:

Accepted Answer

A) Variations around the line are random. 
B) Deviations around the line are normally distributed. 
C) Predictions are to be made only within the range of observed values of the predictor variable. 
D) all of the above 
E) none of the above 
A) Variations around the line are random. 
B) Deviations around the line are normally distributed. 
C) Predictions are to be made only within the range of observed values of the predictor variable. 
D) all of the above 
E) none of the above

Question 9

Which of the following would be an advantage of using a sales force composite to develop a demand forecast?

Accepted Answer

A) The sales staff is least affected by changing customer needs. 
B) The sales force can easily distinguish between customer desires and probable actions. 
C) The sales staff is often aware of customers' future plans. 
D) Salespeople are least likely to be influenced by recent events. 
E) Salespeople are least likely to be biased by sales quotas. 
A) The sales staff is least affected by changing customer needs. 
B) The sales force can easily distinguish between customer desires and probable actions. 
C) The sales staff is often aware of customers' future plans. 
D) Salespeople are least likely to be influenced by recent events. 
E) Salespeople are least likely to be biased by sales quotas.

Question 10

The forecasting method which uses anonymous questionnaires to achieve a consensus forecast is:

Accepted Answer

A) sales force opinions 
B) consumer surveys 
C) the Delphi method 
D) time series analysis 
E) executive opinions 
A) sales force opinions 
B) consumer surveys 
C) the Delphi method 
D) time series analysis 
E) executive opinions

Question 11

What is the spring's seasonal relative?

Accepted Answer

(Spring 0.91) (Summe

Question 12

A managerial approach toward forecasting which seeks to actively influence demand is:

Accepted Answer

A) reactive 
B) proactive 
C) influential 
D) protracted 
E) retroactive 
A) reactive 
B) proactive 
C) influential 
D) protracted 
E) retroactive

Question 13

The best forecast is not necessarily the most accurate.

Accepted Answer

A) True 
 B)False

Question 14

In exponential smoothing, an alpha of .30 will cause a forecast to react more quickly to a large error than will an alpha of .20.

Accepted Answer

A) True 
 B)False

Question 15

Over the past five years, a firm's sales have averaged 250 units in the first quarter of each year, 100 units in the second quarter, 150 units in the third quarter, and 300 units in the fourth quarter.What are appropriate quarter relatives for this firm's sales? Hint: Only minimal computations are necessary.

Accepted Answer

The answer of Over the past five years, a firm's...

Question 16

What are this and next year's forecasts using the least squares trend line for these data?

Accepted Answer

The answer of What are this and next year's forecasts...

Question 17

What is the forecast for this year using exponential smoothing with alpha = .4, if the forecast for two years ago was 750?

Accepted Answer

A) 163 
B) 180 
C) 300 
D) 420 
E) 510 
A) 163 
B) 180 
C) 300 
D) 420 
E) 510

Question 18

What is this month's forecast using a four-month weighted moving average with weights of .4, .3, .2, and .1?

Accepted Answer

A) 120 
B) 129 
C) 141 
D) 135 
E) 140 
A) 120 
B) 129 
C) 141 
D) 135 
E) 140

Question 19

Given the following data, develop a linear regression model for y as a function of x.

Accepted Answer

The answer of Given the following data, develop a linear...

Question 20

An advantage of a weighted moving average is that recent actual results can be given more importance than what occurred a while ago.

Accepted Answer

A) True 
 B)False

Exam 3: Forecasting

What is this year's forecast using a two-year weighted moving average with weights of .7 and .3?

A consumer survey is an easy and sure way to obtain accurate input from future customers since most people enjoy participating in surveys.

What is this week's forecast using the naive approach?

Given forecast errors of 5, 0, - 4, and 3, what is the bias?

What is the monthly rate of change (slope) of the least squares trend line for these data?

Which of the following corresponds to the predictor variable in simple linear regression?

Which term most closely relates to associative forecasting techniques?

Use of simple linear regression analysis assumes that:

Which of the following would be an advantage of using a sales force composite to develop a demand forecast?

The forecasting method which uses anonymous questionnaires to achieve a consensus forecast is:

What is the spring's seasonal relative?

A managerial approach toward forecasting which seeks to actively influence demand is:

The best forecast is not necessarily the most accurate.

In exponential smoothing, an alpha of .30 will cause a forecast to react more quickly to a large error than will an alpha of .20.

What are this and next year's forecasts using the least squares trend line for these data?

What is the forecast for this year using exponential smoothing with alpha = .4, if the forecast for two years ago was 750?

What is this month's forecast using a four-month weighted moving average with weights of .4, .3, .2, and .1?

Given the following data, develop a linear regression model for y as a function of x.

An advantage of a weighted moving average is that recent actual results can be given more importance than what occurred a while ago.

Introduction to Operations Management

Competitiveness, Strategy, and Productivity

Product and Service Design

Strategic Capacity Planning for Products and Services

Process Selection and Facility Layout

Work Design and Measurement

Location Planning and Analysis

Management of Quality

Quality Control

Aggregate Planning and Master Scheduling

MRP and ERP

Inventory Management

Jit and Lean Operations

Supply Chain Management

Scheduling

Project Management

Management of Waiting Lines

Linear Programming

Extension 4: Reliability

Extension 5: Decision Theory

Extension 7: Learning Curves

Extension 8: The Transportation Model

Extension 10: Acceptance Sampling

Extension 14: Maintenance

Filters