MGT301 Ch4

As compared to​ long-range forecasts,​ short-range forecasts:

deal with less comprehensive issues supporting management decisions.

If Brandon Edward were working to develop a forecast using a moving averages​ approach, but he noticed a detectable trend in the historical​ data, he​ should:

use weights to place more emphasis on recent data.

Which of the following is NOT a characteristic of exponential​ smoothing?

weights each historical value equally

The fundamental difference between cycles and seasonality is​ the:

duration of the repeating patterns.

The forecasting technique that pools the opinions of a group of experts or managers is known​ as:

jury of executive opinion.

The primary purpose of the mean absolute deviation​ (MAD) in forecasting is​ to:

measure forecast accuracy.

A forecast with a time horizon of about 3 months to 3 years is typically called​ a:

medium-range forecast.

Given an actual demand this period of​ 61, a forecast for this period of​ 58, and an alpha of​ 0.3, what would the forecast for the next period be using exponential​ smoothing?

58.9