MGSC 395 Exam 3 Questions With Solutions
Which of the following statements regarding forecasting "units of measurement" is best?
Forecasted "product units" can be translated to dollars by multiplying them by the unit
price.
_________ methods translate the opinions of managers, expert opinion...
Which of the following statements regarding forecasting "units of measurement" is best?
Forecasted "product units" can be translated to dollars by multiplying them by the unit
price.
_________ methods translate the opinions of managers, expert opinions, consumer surveys, and
salesforce estimates into quantitative estimates. Judgement
Which of the following is considered a quantitative forecasting method? time-series
analysis
,trend projection with regression, causal methods
A forecast with a large cumulative sum of forecast errors (CFE) indicates consistent
forecasting mistakes —the forecast is always too high or too low.
________ is the best error measure to use when making comparisons between time series for
different SKUs. Mean absolute percent error
Which error measure lets a forecaster know that the forecast is consistently high? CFE
, MGSC 395 Exam 3 Questions With Solutions
What is the worse type of forecast error? BIAS
Judgment methods may be the only practical way to make a forecast when there is no
historical data due to a new product introduction
The _________ of forecasting is a process of gaining consensus from a group of experts.
Delphi method
____________ can also be used for forecasting the quick pace of technological change.
Executive opinion
Judgment methods are LEAST likely to be indicated in which situations? Short-term
forecasts are made for a product with stable demand.
Combination forecasts produced by averaging independent forecasts based on different methods
has been suggested by research to produce more accurate forecasts than a single
forecasting procedure.
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