BSAT 382 Exam 2 Questions With Correct
Answers
a |statement |about |the |future |value |of |a |variable |of |interest |- |CORRECT |ANSWER✔✔-forecast
why |are |forecasts |generally |wrong? |- |CORRECT |ANSWER✔✔-1. |actual |results |usually |differ |
from |predicted |values
2. |forecasts |for |groups |of |items |tend |to |be |more |accurate |than |forecasts |for |individual |items |
because |of |the |canceling |effect
3. |forecast |accuracy |decreases |as |the |time |horizon |increases
what |are |the |elements |of |a |good |forecast? |- |CORRECT |ANSWER✔✔-1. |timely
2. |accurate |
3. |reliable
4. |meaningful |units
5. |in |writing
6. |simple |to |understand |and |use
7. |cost-effective
what |are |the |steps |in |the |forecasting |process? |- |CORRECT |ANSWER✔✔-1. |determine |purpose |
of |the |forecast
2. |establish |a |time |horizon
3. |obtain, |clean, |and |analyze |appropriate |data
4. |select |a |forecasting |technique
5. |make |the |forecast
6. |monitor |the |forecast |errors
, Forecasts |that |use |subjective |inputs |such |as |opinions |from |consumer |surveys, |sales |staff, |
managers, |executives, |and |experts. |- |CORRECT |ANSWER✔✔-judgemental |forecast
Forecasts |that |project |patterns |identified |in |recent |time-series |observations. |- |CORRECT |
ANSWER✔✔-Time-series |forecasts
Forecasting |technique |that |uses |explanatory |variables |to |predict |future |demand. |- |CORRECT |
ANSWER✔✔-Associative |model
An |iterative |process |in |which |managers |and |staff |complete |a |series |of |questionnaires, |each |
developed |from |the |previous |one, |to |achieve |a |consensus |forecast. |- |CORRECT |ANSWER✔✔-
Delphi |method
a |time-ordered |sequence |of |observations |taken |at |regular |intervals |- |CORRECT |ANSWER✔✔-
time |series
a |long-term |upward |or |downward |movement |in |data |- |CORRECT |ANSWER✔✔-trend
short-term |regular |variations |related |to |the |calendar |or |time |of |day |- |CORRECT |ANSWER✔✔-
seasonality
wavelike |variations |lasting |more |than |one |year |- |CORRECT |ANSWER✔✔-cycle
caused |by |unusual |circumstances, |not |reflective |of |typical |behavior |- |CORRECT |ANSWER✔✔-
irregular |variation
residual |variations |after |all |other |behaviors |are |accounted |for |- |CORRECT |ANSWER✔✔-random
|variation
Answers
a |statement |about |the |future |value |of |a |variable |of |interest |- |CORRECT |ANSWER✔✔-forecast
why |are |forecasts |generally |wrong? |- |CORRECT |ANSWER✔✔-1. |actual |results |usually |differ |
from |predicted |values
2. |forecasts |for |groups |of |items |tend |to |be |more |accurate |than |forecasts |for |individual |items |
because |of |the |canceling |effect
3. |forecast |accuracy |decreases |as |the |time |horizon |increases
what |are |the |elements |of |a |good |forecast? |- |CORRECT |ANSWER✔✔-1. |timely
2. |accurate |
3. |reliable
4. |meaningful |units
5. |in |writing
6. |simple |to |understand |and |use
7. |cost-effective
what |are |the |steps |in |the |forecasting |process? |- |CORRECT |ANSWER✔✔-1. |determine |purpose |
of |the |forecast
2. |establish |a |time |horizon
3. |obtain, |clean, |and |analyze |appropriate |data
4. |select |a |forecasting |technique
5. |make |the |forecast
6. |monitor |the |forecast |errors
, Forecasts |that |use |subjective |inputs |such |as |opinions |from |consumer |surveys, |sales |staff, |
managers, |executives, |and |experts. |- |CORRECT |ANSWER✔✔-judgemental |forecast
Forecasts |that |project |patterns |identified |in |recent |time-series |observations. |- |CORRECT |
ANSWER✔✔-Time-series |forecasts
Forecasting |technique |that |uses |explanatory |variables |to |predict |future |demand. |- |CORRECT |
ANSWER✔✔-Associative |model
An |iterative |process |in |which |managers |and |staff |complete |a |series |of |questionnaires, |each |
developed |from |the |previous |one, |to |achieve |a |consensus |forecast. |- |CORRECT |ANSWER✔✔-
Delphi |method
a |time-ordered |sequence |of |observations |taken |at |regular |intervals |- |CORRECT |ANSWER✔✔-
time |series
a |long-term |upward |or |downward |movement |in |data |- |CORRECT |ANSWER✔✔-trend
short-term |regular |variations |related |to |the |calendar |or |time |of |day |- |CORRECT |ANSWER✔✔-
seasonality
wavelike |variations |lasting |more |than |one |year |- |CORRECT |ANSWER✔✔-cycle
caused |by |unusual |circumstances, |not |reflective |of |typical |behavior |- |CORRECT |ANSWER✔✔-
irregular |variation
residual |variations |after |all |other |behaviors |are |accounted |for |- |CORRECT |ANSWER✔✔-random
|variation
