The forecasting technique that pools the opinions of a group of experts or managers is known as:

Course	Operations Management-16SP
Test	Quiz 4
Started	2/18/16 11:27 PM
Submitted	2/18/16 11:48 PM
Status	Completed
Attempt Score	100 out of 100 points
Time Elapsed	20 minutes.
Instructions

5 out of 5 points

Suppose that the last four months of sales were 8, 10, 15, and 9 units, respectively. Suppose further that the last four forecasts were 5, 6, 11, and 12 units, respectively. What is the Mean Absolute Deviation (MAD) of these forecasts?

Answer

Selected Answer:	3.5
Correct Answer:	3.5

5 out of 5 points

If Brandon Edward were working to develop a forecast using a moving averages approach, but he noticed a detectable trend in the historical data, he should:

Answer

Selected Answer:	use weights to place more emphasis on recent data.
Correct Answer:	use weights to place more emphasis on recent data.

5 out of 5 points

As compared to long-range forecasts, short-range forecasts:

Answer

Selected Answer:	deal with less comprehensive issues supporting management decisions.
Correct Answer:	deal with less comprehensive issues supporting management decisions.

5 out of 5 points

A forecast with a time horizon of about 3 months to 3 years is typically called a:

Answer

Selected Answer:

medium-range forecast.

Correct Answer:

medium-range forecast.

5 out of 5 points

The fundamental difference between cycles and seasonality is the:

Answer

Selected Answer:	duration of the repeating patterns.
Correct Answer:	duration of the repeating patterns.

5 out of 5 points

A forecast based on the previous forecast plus a percentage of the forecast error is a(n):

Answer

Selected Answer:	exponential smoothing forecast.
Correct Answer:	exponential smoothing forecast.

5 out of 5 points

In time series, which of the following cannot be predicted?

Answer

Selected Answer:	random variations
Correct Answer:	random variations

5 out of 5 points

Which of the following most requires long-range forecasting (as opposed to short-range or medium-range forecasting) for its planning purposes?

Answer

Selected Answer:	capital expenditures
Correct Answer:	capital expenditures

5 out of 5 points

The three major types of forecasts used by organizations in planning future operations are:

Answer

Selected Answer:	economic, technological, and demand.
Correct Answer:	economic, technological, and demand.

5 out of 5 points

Suppose that the demand in period 1 was 7 units and the demand in period 2 was 9 units. Assume that the forecast for period 1 was for 5 units. If the firm uses exponential smoothing with an alpha value of .20, what should be the forecast for period 3? (Round answers to two decimal places.)

Answer

Selected Answer:	6.12
Correct Answer:	6.12

5 out of 5 points

Given an actual demand this period of 103, a forecast value for this period of 99, and an alpha of .4, what is the exponential smoothing forecast for next period?

Answer

Selected Answer:	100.6
Correct Answer:	100.6

5 out of 5 points

Given forecast errors of -1, 4, 8, and -3, what is the mean absolute deviation?

Answer

Selected Answer:	4
Correct Answer:	4

5 out of 5 points

What two numbers are contained in the daily report to the CEO of Walt Disney Parks & Resorts regarding the six Orlando parks?

Answer

Selected Answer:	yesterday’s forecasted attendance and yesterday’s actual attendance
Correct Answer:	yesterday’s forecasted attendance and yesterday’s actual attendance

5 out of 5 points

The two general approaches to forecasting are:

Answer

Selected Answer:	qualitative and quantitative.
Correct Answer:	qualitative and quantitative.

5 out of 5 points

Which of the following uses three types of participants: decision makers, staff personnel, and respondents?

Answer

Selected Answer:	Delphi method
Correct Answer:	Delphi method

5 out of 5 points

The forecasting technique that pools the opinions of a group of experts or managers is known as:

Answer

Selected Answer:	jury of executive opinion.
Correct Answer:	jury of executive opinion.

5 out of 5 points

A six-month moving average forecast is generally better than a three-month moving average forecast if demand:

Answer

Selected Answer:

is rather stable.

Correct Answer:

is rather stable.

5 out of 5 points

Given an actual demand this period of 61, a forecast for this period of 58, and an alpha of 0.3, what would the forecast for the next period be using exponential smoothing?

Answer

Selected Answer:	58.9
Correct Answer:	58.9

5 out of 5 points

What forecasting systems combine the intelligence of multiple supply chain partners?

Answer

Selected Answer:	CPFR
Correct Answer:	CPFR

5 out of 5 points

For a given product demand, the time-series trend equation is 53 – 4x. The negative sign on the slope of the equation:

Answer

Selected Answer:	is an indication that product demand is declining.
Correct Answer:	is an indication that product demand is declining.

The forecasting technique that pools the opinions of a group of experts or managers is known as:

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