Question 1

The exponential smoothing method requires which of the following data to forecast the future?

Accepted Answer

A)  The most recent forecast 
B)  Precise actual demand for the past several years 
C)  The value of the smoothing constant delta 
D)  Overall industry demand data 
E)  Tracking values 
A)  The most recent forecast 
B)  Precise actual demand for the past several years 
C)  The value of the smoothing constant delta 
D)  Overall industry demand data 
E)  Tracking values A

Question 2

In forecasting,RSFE stands for "running sum of forecast errors."

Accepted Answer

A) True 
 B)False  True

Question 3

What do we call forecasts that are for very high-level demand analysis? _______________________________________

Accepted Answer

Strategic Forecasts
Explanation: Some forecasts are for very high-level demand analysis.What do we expect the demand to be for a group of products over the next year,for example? Some forecasts are used to help set the strategy of how,in an aggregate sense,we will meet demand.We call these strategic forecasts.

Question 4

Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.

Accepted Answer

A) True 
 B)False

Question 5

Cyclical influences on demand may come from occurrences such as political elections,war or economic conditions.

Accepted Answer

A) True 
 B)False

Question 6

In a forecasting model using simple moving average the shorter the time span used for calculating the moving average,the closer the average follows volatile trends.

Accepted Answer

A) True 
 B)False

Question 7

It is difficult to identify the trend in time series data.

Accepted Answer

A) True 
 B)False

Question 8

In a forecasting model using simple exponential smoothing the data pattern should remain stationary.

Accepted Answer

A) True 
 B)False

Question 9

Given a prior forecast demand value of 1,100,a related actual demand value of 1,000,and a smoothing constant alpha of 0.3,what is the exponential smoothing forecast value?

Accepted Answer

A)  1,000 
B)  1,030 
C)  1,070 
D)  1,130 
E)  970 
A)  1,000 
B)  1,030 
C)  1,070 
D)  1,130 
E)  970

Question 10

In time series data depicting demand which of the following is not considered a component of demand variation?

Accepted Answer

A)  Trend 
B)  Seasonal 
C)  Cyclical 
D)  Variance 
E)  Autocorrelation 
A)  Trend 
B)  Seasonal 
C)  Cyclical 
D)  Variance 
E)  Autocorrelation

Question 11

Continual review and updating in light of new data is a forecasting technique called second-guessing.

Accepted Answer

A) True 
 B)False

Question 12

For every forecasting problem there is one best forecasting technique.

Accepted Answer

A) True 
 B)False

Question 13

Qualitative forecasting techniques generally take advantage of the knowledge of experts and therefore do not require much judgment.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is the portion of observations you would expect to see lying within a plus or minus 2 MAD range?

Accepted Answer

A)  57.04 
B)  89.04 
C)  98.33 
D)  99.86 
E)  100.00 
A)  57.04 
B)  89.04 
C)  98.33 
D)  99.86 
E)  100.00

Question 15

Cyclical influences on demand are often expressed graphically as a linear function that is either upward or downward sloping.

Accepted Answer

A) True 
 B)False

Question 16

Linear regression is not useful for aggregate planning.

Accepted Answer

A) True 
 B)False

Question 17

What does the text mean when it states that rather than to search for the perfect forecast one should learn to live with inaccurate forecasts?

Accepted Answer

The text makes this statement in the con

Question 18

MAD statistics can be used to generate tracking signals.

Accepted Answer

A) True 
 B)False

Question 19

There are no differences in strategic and tactical forecasting.A forecast is a mathematical projection and its ultimate purpose should make no difference to the analyst.

Accepted Answer

A) True 
 B)False

Question 20

In the simple exponential smoothing forecasting model you need at least 30 observations to set the smoothing constant alpha.

Accepted Answer

A) True 
 B)False

The exponential smoothing method requires which of the following data to forecast the future?

In forecasting,RSFE stands for "running sum of forecast errors."

What do we call forecasts that are for very high-level demand analysis? _______________________________________

Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.

Cyclical influences on demand may come from occurrences such as political elections,war or economic conditions.

In a forecasting model using simple moving average the shorter the time span used for calculating the moving average,the closer the average follows volatile trends.

It is difficult to identify the trend in time series data.

In a forecasting model using simple exponential smoothing the data pattern should remain stationary.

Given a prior forecast demand value of 1,100,a related actual demand value of 1,000,and a smoothing constant alpha of 0.3,what is the exponential smoothing forecast value?

In time series data depicting demand which of the following is not considered a component of demand variation?

Continual review and updating in light of new data is a forecasting technique called second-guessing.

For every forecasting problem there is one best forecasting technique.

Qualitative forecasting techniques generally take advantage of the knowledge of experts and therefore do not require much judgment.

Which of the following is the portion of observations you would expect to see lying within a plus or minus 2 MAD range?

Cyclical influences on demand are often expressed graphically as a linear function that is either upward or downward sloping.

Linear regression is not useful for aggregate planning.

What does the text mean when it states that rather than to search for the perfect forecast one should learn to live with inaccurate forecasts?

MAD statistics can be used to generate tracking signals.

There are no differences in strategic and tactical forecasting.A forecast is a mathematical projection and its ultimate purpose should make no difference to the analyst.

In the simple exponential smoothing forecasting model you need at least 30 observations to set the smoothing constant alpha.

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Exam 3: Forecasting

The exponential smoothing method requires which of the following data to forecast the future?

In forecasting,RSFE stands for "running sum of forecast errors."

What do we call forecasts that are for very high-level demand analysis? _______________________________________

Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.

Cyclical influences on demand may come from occurrences such as political elections,war or economic conditions.

In a forecasting model using simple moving average the shorter the time span used for calculating the moving average,the closer the average follows volatile trends.

It is difficult to identify the trend in time series data.

In a forecasting model using simple exponential smoothing the data pattern should remain stationary.

Given a prior forecast demand value of 1,100,a related actual demand value of 1,000,and a smoothing constant alpha of 0.3,what is the exponential smoothing forecast value?

In time series data depicting demand which of the following is not considered a component of demand variation?

Continual review and updating in light of new data is a forecasting technique called second-guessing.

For every forecasting problem there is one best forecasting technique.

Qualitative forecasting techniques generally take advantage of the knowledge of experts and therefore do not require much judgment.

Which of the following is the portion of observations you would expect to see lying within a plus or minus 2 MAD range?

Cyclical influences on demand are often expressed graphically as a linear function that is either upward or downward sloping.

Linear regression is not useful for aggregate planning.

What does the text mean when it states that rather than to search for the perfect forecast one should learn to live with inaccurate forecasts?

MAD statistics can be used to generate tracking signals.

There are no differences in strategic and tactical forecasting.A forecast is a mathematical projection and its ultimate purpose should make no difference to the analyst.

In the simple exponential smoothing forecasting model you need at least 30 observations to set the smoothing constant alpha.

Operations and Supply Chain Management

Strategy and Sustainability

Strategic Capacity Management

Projects

Manufacturing and Service Processes

Service Processes

Sales and Operations Planning

Material Requirements Planning

Quality Management and Six Sigma

Inventory Management

Lean Supply Chains

Global Sourcing and Procurement

Location, Logistics, and Distribution

Filters