Exam (elaborations)
ISQS 3344 final exam Questions and Answers with Verified Solutions
- Course
- Institution
ISQS 3344 final exam Questions and Answers with Verified Solutions
[Show more]
Content preview
ISQS 3344 final exam Questions and Answers withVerified Solutions
Forecast methods based on judgement, opinion, past experiences, or best guesses
are known ____ methods - ANSWER quantitative
Forecasts of product demand determine how much _____.
a. inventory is needed
b. product to make
c. material to purchase
d. all of these answer choices are correct - ANSWER d. all of these answer
choices are correct
The ______ effect is caused in part by distortion in product demand information
caused by inaccurate forecasts.
a. bullwhip
b. regression
c. error
d. none of these answer choices in correct - ANSWER a. bullwhip
A long-range forecast would normally not be used to ____.
a. design the supply chain
b. implement strategic programs
c. determine production schedules
d. plan new products for changing markets - ANSWER c. determine production
schedules
,A forecast where the current period's demand is used as the next period's forecast
is known as a ______ - ANSWER naive forecast
Which of the following is not a type of predictable demand behavior?
a. trend
b. random variation
c. cycle
d. seasonal pattern - ANSWER b. random variation
A _______ is an up-and-down movement in demand that repeats itself over a
period of more than a year. - ANSWER cycle
A qualitative procedure used to develop a consensus forecast is known as -
ANSWER the Delphi technique
The sum of the weights in a weighted moving average forecast must _____ -
ANSWER equal 1.00
An exponential smoothing forecasting technique requires all of the following
except ____.
a. the forecast for the current period
b. the actual demand for the current period
c. a smoothing constant
d. large amounts of historical demand data - ANSWER d. large amounts of
historical demand data
, The smoothing constant, x, in the exponential smoothing forecast ______.
a. must always be a value greater than 1.0
b. must always be a value less than 0.10
c. must be value between 0.0 and 1.0
d. should be equal to the time frame for the forecast - ANSWER c. must be
value between 0.0 and 1.0
The closer the smoothing constant, x, is to 1.0 the ____.
a. greater the reaction to the most recent demand
b. greater the dampening, or smoothing effect
c. more accurate the forecast
d. less accurate the forecast - ANSWER a. greater the reaction to the most
recent demand
The exponential smoothing model produces a naive forecast when the smoothing
constant, x, is equal to ___ - ANSWER 1.00
The mean absolute percentage deviation (MAPD) measures the absolute error as
a percentage of _____ - ANSWER total demand
A large positive cumulative error indicates that the forecast is probably _____ -
ANSWER lower than the actual demand
Which of the following statements concerning average error is true?
a. a positive value indicates high bias, and a negative value indicates low bias
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudySet. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now