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QMB 3200 MIDTERM EXAM 2024/2025 PRACTICE QUESTIONS AND ANSWERS GRADED A+
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QMB 3200 MIDTERM EXAM 2024/2025 PRACTICE QUESTIONS AND ANSWERS GRADED A+
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QMB 3200 MIDTERM EXAM 2024/2025QMB 3200 MIDTERM EXAM 2024/2025 PRACTICE
QUESTIONS AND ANSWERS GRADED A+
Which of the following statements regarding a time series technique is true?
Time series techniques focus on the historical behavior of some outcome of interest to predict its future
behavior.
Which time series technique predicts a future value by combining the previous prediction and some
portion of the error in the prediction?
Simple exponential smoothing
Which of the following correlation coefficient values represents the strongest positive correlation
between two factors in a data set?
r-=0.931
It is NOT possible for a forecast to be both responsive and inaccurate.
False
In a time series, what is a black swan?
a particularly high-impact incident of extreme consequence that is unexpected or considered highly
improbable
,QMB 3200 MIDTERM EXAM 2024/2025
Calculating a regression equation for a given set of data identifies the specific values of ____
the slope and intercept
Averaging forecast errors over time results in the performance measure known as *****?
mean error
What is the ME for the forecast errors of 5, 10, 0, and -3?
3
one-time shocks to a time series from a distinctly external influence, such as a sudden dip in consumer
sales after a disruptive event, are called ____ variations
exogenous
Several forecasting methods rely on insights from a group of people, but which method does NOT have
the group discuss their opinions?
Delphi Groups
Which of the following forecasting measures calculates the average of the absolute values of a set of
forecast errors?
MAD
,QMB 3200 MIDTERM EXAM 2024/2025
The alpha value (o) in the exponential smoothing formula is known as the
smoothing constant
Queue________ specifies the order in which waiting arrivals are serve.
Discipline
The break-even point is the level of production at which
total revenue and costs are balanced
___________ cost is cost incurred regardless of the volume of associated activity.
Fixed
Effective capacity of a system is expected to be more than its design capacity
false
The _________ distribution describes the likelihood of a particular number of independent events
within a particular interval.
Poisson
, QMB 3200 MIDTERM EXAM 2024/2025
All of the following are disadvantages of a conservative capacity strategy EXCEPT
competitors have less incentive and opportunity to enter the marketplace.
Capacity can refer to a single machine or to an entire supply chain network
True
Chicago's new city buses are intended to hold 60 people. This is a measurement of the ________ of the
buses.
design capacity
is a labeling system established in the 1950s for classifying waiting line models according to their initial
assumptions.
kendall notation
Marylee told the customer service rep that had been waiting for half an hour in line, but she had actually
only been waiting 15 minutes. Marylee's stated waiting time was ____________time.
Perceived
Naper Publishing required warehousing and shipping services for its books, so it hired Independent
Publishing Group to provide the services. This is an example of ______.
subcontracting
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