OPMA 3306 Final Exam Questions With Correct
Answers
Which of the following forecasting methodologies is considered a time
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series forecasting technique? - CORRECT ANSWER✔✔-Simple moving
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average
A company wants to forecast demand using the weighted moving
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average. If the company uses two prior yearly sales values (i.e., year
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2012=110 and year 2013=130), and we want to weight year 2012 at 10%
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and year 2013 at 90%, which of the following is the weighted moving
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average forecast for year 2014? - CORRECT ANSWER✔✔-Forecast for
| | | | | | | | |
2014 = (110x0.1) + (130x0.9) = 11 + 117 = 128
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Given a prior forecast demand value of 230, a related actual demand
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value of 250, and a smoothing constant alpha of 0.1, what is the
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exponential smoothing forecast value for the following period? -
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CORRECT ANSWER✔✔-Forecast = 230 + 0.1 x (250-230) = 232
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A company has actual unit demand for four consecutive years of 100,
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105, 135, and 150. The respective forecasts were 120 for all four years.
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Which of the following is the resulting MAD value that can be computed
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from this data? - CORRECT ANSWER✔✔-MAD = ABS((100-120)+(105-
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120)+(135-120)+(150-120))/4 = 80/4 =20 | | |
, If you were selecting from a variety of forecasting models based on
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MAD, which of the following MAD values from the same data would
| | | | | | | | | | | |
reflect the most accurate model? - CORRECT ANSWER✔✔-Since the
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same data is being used in the question, MAPE would be least when
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MAD was smallest.
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A company hires you to develop a linear regression forecasting model.
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Based on the company's historical sales information, you determine the
| | | | | | | | | |
intercept value of the model to be 1,200. You also find the slope value is
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|minus 50. If after developing the model you are given of x=10, which of
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the following is the resulting forecast value using this model? - CORRECT
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|ANSWER✔✔-The linear regression line is of the form Y = a + bX, where | | | | | | | | | | | | | |
Y is the value of the dependent variable that we are solving for, a is the Y
| | | | | | | | | | | | | | | |
|intercept, b is the slope, and X is the independent variable. Hence, Y =
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1,200 + (-50) x 10 = 700.
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What is a work breakdown structure? - CORRECT ANSWER✔✔-A def of
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the hierarchy of project tasks, subtasks, and work packages
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You have just been assigned to oversee a series of projects. Functional
| | | | | | | | | | | |
areas will loan you personnel for each project and separate project
| | | | | | | | | | |
managers will be responsible for separate projects. These project
| | | | | | | | |
managers will report to you. Which project management structure is
| | | | | | | | | |
being used? - CORRECT ANSWER✔✔-Matrix Project
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Answers
Which of the following forecasting methodologies is considered a time
| | | | | | | | | |
series forecasting technique? - CORRECT ANSWER✔✔-Simple moving
| | | | | | |
average
A company wants to forecast demand using the weighted moving
| | | | | | | | | |
average. If the company uses two prior yearly sales values (i.e., year
| | | | | | | | | | | |
2012=110 and year 2013=130), and we want to weight year 2012 at 10%
| | | | | | | | | | | |
and year 2013 at 90%, which of the following is the weighted moving
| | | | | | | | | | | | | |
average forecast for year 2014? - CORRECT ANSWER✔✔-Forecast for
| | | | | | | | |
2014 = (110x0.1) + (130x0.9) = 11 + 117 = 128
| | | | | | | | | |
Given a prior forecast demand value of 230, a related actual demand
| | | | | | | | | | | |
value of 250, and a smoothing constant alpha of 0.1, what is the
| | | | | | | | | | | | |
exponential smoothing forecast value for the following period? -
| | | | | | | | |
CORRECT ANSWER✔✔-Forecast = 230 + 0.1 x (250-230) = 232
| | | | | | | | |
A company has actual unit demand for four consecutive years of 100,
| | | | | | | | | | | |
105, 135, and 150. The respective forecasts were 120 for all four years.
| | | | | | | | | | | | |
Which of the following is the resulting MAD value that can be computed
| | | | | | | | | | | |
from this data? - CORRECT ANSWER✔✔-MAD = ABS((100-120)+(105-
| | | | | | | |
120)+(135-120)+(150-120))/4 = 80/4 =20 | | |
, If you were selecting from a variety of forecasting models based on
| | | | | | | | | | | |
MAD, which of the following MAD values from the same data would
| | | | | | | | | | | |
reflect the most accurate model? - CORRECT ANSWER✔✔-Since the
| | | | | | | | |
same data is being used in the question, MAPE would be least when
| | | | | | | | | | | | |
MAD was smallest.
| |
A company hires you to develop a linear regression forecasting model.
| | | | | | | | | | |
Based on the company's historical sales information, you determine the
| | | | | | | | | |
intercept value of the model to be 1,200. You also find the slope value is
| | | | | | | | | | | | | |
|minus 50. If after developing the model you are given of x=10, which of
| | | | | | | | | | | | | |
the following is the resulting forecast value using this model? - CORRECT
| | | | | | | | | | |
|ANSWER✔✔-The linear regression line is of the form Y = a + bX, where | | | | | | | | | | | | | |
Y is the value of the dependent variable that we are solving for, a is the Y
| | | | | | | | | | | | | | | |
|intercept, b is the slope, and X is the independent variable. Hence, Y =
| | | | | | | | | | | | | |
1,200 + (-50) x 10 = 700.
| | | | | |
What is a work breakdown structure? - CORRECT ANSWER✔✔-A def of
| | | | | | | | | | |
the hierarchy of project tasks, subtasks, and work packages
| | | | | | | |
You have just been assigned to oversee a series of projects. Functional
| | | | | | | | | | | |
areas will loan you personnel for each project and separate project
| | | | | | | | | | |
managers will be responsible for separate projects. These project
| | | | | | | | |
managers will report to you. Which project management structure is
| | | | | | | | | |
being used? - CORRECT ANSWER✔✔-Matrix Project
| | | | |
