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Exam 3: Demand Forecasting

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Question 61

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Which of the following techniques are most likely to be used for forecasting demand for new products and services?

A) Trend models
B) Judgmental methods
C) Moving averages
D) Regression models
E) Exponential smoothing techniques

F) A) and C)
G) A) and B)

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Question 62

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The president of Northern University wants to forecast student enrolments for this academic year based on the following historical data: What is the forecast for this year using exponential smoothing with alpha = 0.5,if the forecast for two years ago was 16,000?

A) 18,750
B) 19,500
C) 21,000
D) 22,650
E) 22,800

F) B) and C)
G) A) and E)

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Question 63

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A network security company is securing input from information technology managers trying to anticipate when Wi Fi networks might be available in at least half of their client's businesses.Which method are they most likely to use?

An operation analyst is forecasting this year's demand for one of his company's products based on the following historical data: The previous trend line had predicted 18,500 for two years ago,and 19,700 for last year.What was the mean absolute deviation (MAD) for these forecasts?

In operations,forecasts are the basis for all of the following EXCEPT:

11eab92b_c4ae_70fd_99e6_011f78f11d45 What is the centred moving average for each season?

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

Professor Z needs to allocate time among several tasks next week to include time for students' appointments.Thus,he needs to forecast the number of students who will seek appointments.He has gathered the following data: What is this week's forecast using trend adjusted (double) smoothing with alpha(1) = 0.5 and alpha(2) = 0.1,if the forecast for last week was 65,the forecast for two weeks ago was 75,and the trend estimate for last week's forecast was -5?

In the "additive" model for seasonality,seasonality is expressed as a ______________ adjustment to the average; in the multiplicative model,seasonality is expressed as a ______________ adjustment to the average.

Centred moving averages (CMA)is a better way to compute seasonal relatives than using a simple moving average if there is a linear trend in a time series.

Professor Z needs to allocate time among several tasks next week to include time for students' appointments.Thus,he needs to forecast the number of students who will seek appointments.He has gathered the following data: What is this week's forecast using exponential smoothing with alpha = .2,if the forecast for two weeks ago was 90?

The primary method for associative forecasting is:

The owner of Leisure Boutique in a local mall is forecasting this month's (October's) demand for one of her best-selling products based on the following historical data: What is this month's forecast using the least squares trend line for these data?

The owner of Leisure Boutique in a local mall is forecasting this month's (October's) demand for one of her best-selling products based on the following historical data: What is the monthly rate of change (slope) of the least squares trend line for these data?

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.

Consider the data below: (i)Determine a naive forecast for period 14. (ii)Using exponential smoothing with a = .2,and F 12 = 80,what would the forecast for period 14 be?

Which is not a characteristic of simple moving averages applied to time series data?

Multiple regression procedures permit us to extend associative models to relationships that involve more than one predictor variable.

Correlation measures the strength and direction of a relationship between variables.

The best forecast is always the one that is the most accurate.