Forecasts are more accurate for groups of items rather than for individual items.
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Forecasts are more accurate for groups of items rather than for individual items.
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Forecasts are more accurate for groups of items rather than for individual items.
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Multiple Choice
Result 100 %
1. Forecasting is not a function which contributes to:
a) deciding which business market to pursue
b) deciding which product to produce
c) deciding how bonuses should be allocated
d) deciding how much inventory to carry
e) deciding how many people to hire
A...
forecasts are more accurate for groups of items rather than for individual items
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Forecasts are more accurate for groups of items rather than for individual items.
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File: ch08, Chapter 8: Forecasting and Demand Printing
Multiple Choice
1. Forecasting is not a function which contributes to:
a) deciding which business market to pursue
b) deciding which product to produce
c) deciding how bonuses should be allocated
d) deciding how much inventory to carry
e) deciding how many people to hire
Ans: c
Section Ref: Introduction
Level: easy
2. When evaluating forecasting models it is accurate to say:
a) they all rely on the same data sets
b) they will provide the same results
c) they are usually accurate
d) they differ in their degree of complexity
e) they do not differ in their degree of complexity
Ans: d
Section Ref: Principles of Forecasting
Level: moderate
3. Which of the following is not a feature common to all forecasting models?
a) This period’s forecast error is needed to compute next period’s forecast.
b) Forecasts are rarely perfect.
c) Forecasts are more accurate for groups of items rather than for individual items.
d) Forecasts are more accurate for shorter rather than for longer time horizons.
e) All of the above features are common to all forecasting models.
Ans: a
Section Ref: Principles of Forecasting
Level: moderate
4. The first step in forecasting is:
a) determine what data is available
b) decide what to forecast
c) evaluate and analyze appropriate data
,d) select and test the forecast model
e) establish the forecast accuracy requirements
Ans: b
Section Ref: Steps in the Forecasting Process
Level: moderate
5. Which of the following companies helps businesses use weather data to make their business
plans?
a) i2 technologies
b) Manugistics
c) Planalytics
d) Algorithmics
e) SAP
Ans: c
Section Ref: Types of Forecasting Methods
Level: hard
6. Qualitative forecasting methods
a) are made objectively by the forecaster
b) are made subjectively by the forecaster
c) are made using existing data sources
d) are based on mathematical models
e) are only used in parallel with quantitative models
Ans: b
Section Ref: Types of Forecasting Methods
Level: moderate
7. Under which forecasting method does a group of managers meet to generate a
forecast?
a) Market research
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: b
Section Ref: Types of Forecasting Methods
Level: easy
8. Which forecasting method seeks to develop a consensus among a group of experts?
,a) Market research
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: c
Section Ref: Types of Forecasting Methods
Level: easy
9. One quantitative forecasting models limitation is
a) it is objective
b) they are consistent
c) they are based on mathematical formulas
d) they are limited on the quality of available data
e) they can work around bad data
Ans: d
Section Ref: Types of Forecasting Methods
Level: moderate
10. Which forecasting method is particular good for predicting technological changes and
scientific advances?
a) Market research
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: c
Section Ref: Types of Forecasting Methods
Level: moderate
11. Which forecasting method is particularly good for determining customer preferences?
a) Market research
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: a
Section Ref: Types of Forecasting Methods
Level: moderate
, 12. Which forecasting method suffers from the possibility of having one person’s opinion
dominate the forecast?
a) Market research
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: b
Section Ref: Types of Forecasting Methods
Level: moderate
13. Which of the following forecasting methods is most likely to be implemented to
change an existing quantitative forecast to account for a new competitor in the
marketplace?
a) Market research
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: b
Section Ref: Types of Forecasting Methods
Level: moderate
14. Which of the following forecasting methods is specifically designed to go through
several rounds of modification before generating a final forecast?
a) Exponential smoothing
b) Executive opinion
c) Delphi method
d) Naïve method
e) Gamma method
Ans: c
Section Ref: Types of Forecasting Methods
Level: moderate
15. What are the two categories of quantitative models?
a) Delphi and non-causal
b) Causal and non-causal
c) Delphi and time series
d) Causal and time series
e) Causal and Delphi
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