Ch 3 OSCM 306 Review

Front

A measure of the strength and direction of the relationship between two variables.

Back

Correlation

Front

Technique for fitting a line in a set of points.

Back

Regression

Front

What forecasting method demonstrates the best recent success? Options: Focus Forecasting, Associative Model, Time Series Forecasts, Exponential Smoothing

Back

Focus Forecasting

Front

This forecasting method assigns more weight to the most recent values in a time series.

Back

Weighted Average

Front

Variables used to predict values of the variable of interest.

Back

Predictor Variables

Front

What are residual variations that remain after all other behaviors have been accounted for?

Back

Random variations

Front

What is the forecasting that uses explanatory variables to predict future demand?

Back

Associative Model

Front

What is a time-ordered sequence of observations taken at regular intervals?

Back

Time Series Forecasts

Front

What method uses a number of the most recent actual data values to generate a forecast?

Back

Moving Average

Front

What is a weighted average method based on the previous forecast plus a percentage of the forecast error?

Back

Exponential Smoothing