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Exam 16: Demand Forecasting Methods

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Question 21

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Multiplicative models are used when patterns of seasonal variations ______.

A) remain constant over time
B) become more or less pronounced as the trend component increases or decreases
C) constantly fluctuate over time
D) remain linear over time

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Question 22

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The ______ is the average of the sum of the squared differences between the actual and the forecasted demand values.

A) mean squared error (MSE)
B) mean absolute deviation (MAD)
C) mean absolute percentage error (MAPE)
D) cumulative sum error (CSE)

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Question 23

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"The demand for a product is a function of both the price of the product and the dollars spent on promotions by the company that produced it." Which of the following methods is appropriate to forecast demand for the product?

A linear trend can be ______.

One requirement for using the linear trend multiplicative method is ______.

The regression sum of squares (SSR) is the ______.

The line of best fit obtained by the least-squares method is called ______.

The two broad categories of forecasting methods are ______

Which of the following methods is used by companies for monitoring and controlling forecasts?

Using the weighted average method,with W₁ = 0.5,W2 = 0.3 and W₃ = 0.2,compute the forecast for Week 5 with the data that follows. $\begin{array} { | c | c | } \hline \text { Week } & \text { Number of Patients } \\\hline 1 & 100 \\\hline 2 & 80 \\\hline 3 & 90 \\\hline 4 & 100 \\\hline\end{array}$

______ methods can be used if measurable,historical data are available,and there is evidence that past demand is indicative of the future demand.

A large positive value of cumulative sum error (CSE) implies ______.

______ methods are used when no measurable,reliable,historic,or statistical data are available and are primarily based on intuition,judgment,or informed opinions of experts in the industry.

An end product is a(n) ______ whose demand is unrelated to the demand of any other product or item.

Which of the following statements is false about tracking signals?

Which of the following statements is true about the forecasting error measures?

______ is a short-term time series forecasting method in which the average of the most recent demand periods is used to predict demand in the future period.

With forecasting error being measured in MAD (mean absolute deviation) ,the 3σ control limits imply ______.

Which of the following is NOT a step in supply chain forecasting for a company in the consumer products industry?

______ are periodic,fairly short-term fluctuations in demand often caused by human activities or weather.