Quiz 2 Forecasting
A measure of the strength of the relationship between two variables is referred to as the A. coefficient of correlation. B. standard deviation of the estimate. C. standard error of the estimate. D. coefficient of determination.
A. coefficient of correlation
Which of the following is NOT a time-series model? A. multiple regression B. naive approach C. moving averages D. exponential smoothing
A. multiple regression
"Today's forecast equals yesterday's actual demand" is referred as A. the naive approach. B. the Delphi method. C. exponential smoothing. D. a moving average.
A. the naive approach
Which of the following is the FINAL step in a forecasting system? A. Validate and implement the results. B. Select the forecast model(s). C. Gather the data needed to make the forecast. D. Make the forecast.
A. validate and implement the results
The forecasting time horizon that would typically be easiest to predict for would be the A. medium range. B. short range. C. long range. D. intermediate range.
B. Short Range
Which forecasting method considers several variables that are related to the variable being predicted? A. weighted moving average B. multiple regression C. exponential smoothing D. simple regression
B. multiple regression
Linear regression is most similar to which of the following? A. the simple moving average method of forecasting B. the trend projection method of forecasting C. the naive method of forecasting D. the weighted moving average method of forecasting
B. the trend projection method of forecasting
CPFR is A. collaborative, partner, forecasting, and replenishment. B. complete, planning, forecasting, and replenishment. C. collaborative, planning, forecasting, and replenishment. D. complete, partner, forecasting, and replenishment.
C. collaborative, planning, forecasting, and replenishment.
Which forecast error measure is probably the easiest to interpret? A. MD B. MSE C. MAPE D. MAD
C. MAPE
A forecast that addresses the business cycle by predicting planning indicators is A. an environmental forecast. B. a technological forecast. C. an economic forecast. D. a demand forecast.
C. an economic forecast
What is a data pattern that repeats itself after a period of days, weeks, months, or quarters? A. cycle B. trend C. seasonality D. random variation
C. seasonality
A consistent tendency for forecasts to be greater or less than the actual values is called ________ error. A. a trend B. an unbalanced C. an extreme D. a bias
D. a bias
A forecast that projects a company's sales is A. a technological forecast. B. an economic forecast. C. an environmental forecast. D. a demand forecast.
D. a demand forecast
Which of the following is the FIRST step in a forecasting system? A. Determine the time horizon of the forecast. B. Select the items to be forecasted. C. Select the forecast model(s). D. Determine the use of the forecast.
D. determine the use if the forecast
A tracking signal A. cannot be used with exponential smoothing. B. that is negative indicates that demand is greater than the forecast. C. is computed as the mean absolute deviation (MAD) divided by the running sum of the forecast errors (RSFE). D. is a measurement of how well a forecast is predicting actual values.
D. is a measurement of how well a forecast is predicting actual values
Which of the following forecasting steps comes directly after determining the time horizon of the forecast? A. Select the items to be forecasted. B. Gather the data. C. Make the forecast. D. Select the forecasting model(s).
D. select the forecasting model(s)
The goal of CPFR is to A. create good relations with suppliers. B. create significantly more accurate information that can power the supply chain. C. ensure product innovation. D. determine which model needs to be used to predict future events.
b. create a significantly more accurate information that can power the supply chain