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MGSC 395 Exam 3 Questions With Solutions
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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...

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  • October 19, 2024
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  • 2024/2025
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  • mgsc 395 exam 3 questions with solutions

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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 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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