Methods Assume That What Has Occurred in the Past Will Continue to Occur in the Future
QUESTION 1________ methods assume that what has occurred in the past will continue to occur in the future.Time seriesRegressionQuantitativeQualitative1 pointsQUESTION 2________ is the percentage of the variation in the dependent variable that results from the independent variable.RegressionCoefficient of determinationCorrelationLinear regression1 pointsQUESTION 3________ is absolute error as a percentage of demand.Cumulative errorMADMAPDAverage error1 pointsQUESTION 4________ is a linear regression model relating demand to time.Linear trendLinear regressionForecast demandLinear equation1 pointsQUESTION 5________ are good for stable demand with no pronounced behavioral patterns.Longer-period moving averagesShorter-period moving averagesMoving averagesWeighted moving averages1 pointsQUESTION 6A ________ is a gradual, long-term, up-or-down movement of demand.seasonal patterncycletrendprediction1 pointsQUESTION 7A ________ is an up-and-down repetitive movement that repeats itself over a time span of more than 1 year.predictionseasonal patterntrendcyclical pattern1 pointsQUESTION 8A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.What is a three-period moving average forecast for the month of July?47.3346.1045.3844.291 pointsQUESTION 9A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.What is the three-period weighted moving average for July using the weights 0.5 (most recent), 0.3, and 0.2?48.9945.649.5146.091 pointsQUESTION 10A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.Using 1 to represent January, 2 to represent February, and so on, what is the intercept for the regression equation that predicts the pounds of supplies available?0.55-2.7459.558.871 pointsQUESTION 11A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.What is the forecast for July if exponential smoothing with an alpha=.04 generated a forecast of 43.0 for June?41.2540.6443.1642.881 pointsQUESTION 12A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.What is the slope of the regression equation developed when the Sales data are used to predict the Pounds?0.920.860.800.711 pointsQUESTION 13Coefficient of determination is the percentage of the variation in the ________ variable that results from the ________ variable.dependent, dependentindependent, dependentdependent, independentindependent, independent1 pointsQUESTION 14Consider the following demand and forecast.If MAD = 2 for the four periods under consideration, what is the forecast for period 4?192021221 pointsQUESTION 15Consider the following graph of sales. Which of the following characteristics is exhibited by the data?trend onlytrend plus seasonaltrend plus randomNone of these1 pointsQUESTION 16Consider the following graph of sales. Which of the following characteristics is exhibited by the data?trend onlytrend plus seasonaltrend plus randomseasonal only1 pointsQUESTION 17Consider the following graph of sales. Which of the following characteristics is exhibited by the data?trend onlytrend plus seasonaltrend plus irregularseasonal1 pointsQUESTION 18Given an actual demand of 59, a previous forecast of 64, and an alpha of .3, what would the forecast for the next period be using simple exponential smoothing?36.957.560.562.51 pointsQUESTION 19Given forecast errors of 6, 4, 0 and -2, what is the mean absolute deviation?2342.67None of these1 pointsQUESTION 20Given forecast errors of 6, 4, 0 and -2, what is the mean squared error?1418.671612None of these1 pointsQUESTION 21The following data represents quarterly sales of lawnmowers.What is the seasonal index for the third quarter? (Round to the nearest hundredth.).20.22.26.301 pointsQUESTION 22The following data represents quarterly sales of lawnmowers.What is the seasonal index for the fourth quarter? (Round to the nearest hundredth.).20.23.25.301 pointsQUESTION 23In exponential smoothing, the closer alpha is to ________, the greater the reaction to the most recent demand.-101-1 or 11 pointsQUESTION 24Which of the following possible values of alpha would cause exponential smoothing to respond the most slowly to sudden changes in forecast errors?.01.50.903.141 pointsQUESTION 25The manager of "Skis 4 U" is preparing a forecast for January of 2016. Demand exhibits both trend and seasonality.A trend equation to estimate annual demand has been generated using annual demand for the past 12 years (from 2004 through 2015).The equation is y = 4375 + 800X, where represents year 2004.The seasonal factor for January is computed to be 0.23.Make a seasonally adjusted forecast for demand in January 2016. Round off your answer to the nearest integer.3,3984,5835,6686,7691 pointsQUESTION 26Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame: Use a 2-period moving average to forecast demand for period 7.227.52752802901 pointsQUESTION 27Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame: Use a 3-period moving average to forecast demand for period 7.283.332802903101 pointsQUESTION 28Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame: If the forecast for period 5 is equal to 275, use exponential smoothing to compute a forecast for period 7 if = .40.273277267.8286.21 pointsQUESTION 29________ moving averages react more slowly to recent demand changes than do ________ moving averages.Longer-period, shorter-periodShorter-period, longer-periodLonger-period, longer-periodShorter-period, shorter-period1 pointsQUESTION 30________ has become increasingly crucial to compete in the modern international business environment.The Delphi methodTechnological forecastingPredictionExponential smoothing
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