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OMGT 3223 FINAL Exam Questions and Answers
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OMGT 3223 FINAL Exam Questions and Answers
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OMGT 3223 FINAL Exam Questions andAnswers
Forecast - Answer-A prediction
Quantitative Forecasts - Answer-the result conventional statical analysis
Qualitative Forecasts - Answer-the results the experts' judgments and opinions
Quantitative Forecasts Techniques - Answer-Time Series and Regression Method
Time Series - Answer-Statistical techniques that use historical demand data
Regression Methods - Answer-Techniques that develop a mathematical relationship
between a variable and the different factors that cause its behavior
Qualitative Forecast Techniques - Answer-Delphi Method and Sales-force Composite
Delphi Method - Answer-procedure for acquiring informed judgments and opinions from
experts using a series of questionnaires in order to develop a consensus forecast about
what will occur in the future
Sales-force composite - Answer-procedure for developing forecasts where
salespersons' estimates of expected sales are combined or added together
Long-range forecast - Answer-a period of time longer than one year; Qualitative
Short- to mid -range - Answer-immediate future; Quantitative
Long term forecasts are usually - Answer-less accurate than short term forecasts
Aggregate forecasts are usually - Answer-more accurate than disaggregate forecasts
Simple Moving Average - Answer-Sum of data from each period/# of periods
Weighted Moving average - Answer-sum of each period *the weight
Exponential Smoothing - Answer-forecasting technique based on the idea that a new
forecast can be computed from previous forecasts and the most recent observed
demand value
Smaller weighting factor - Answer-allows the forecast to be less responsive
Larger weighting factor - Answer-allows the forecast to be more responsive
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