OPSMGT 255 Wk3: Forecasting

OPSMGT 255:
Game 3: Forecasting

​70% answers right = 1.5 pts towards Assignment 1
TOP 10 = 0.5 points towards
TOP 3 in-person = a small bar of chocolate

Multiple Choice

The two general approches to forecasting are

• mathematical and statistical

• qualitative and quantitative

• judgemental and qualitative

• historical and associative

Multiple Choice

Which forecasting technique concentrates on individual's opinions for future outcomes rather than statistics?

• Micro-forecasting

• Quantitative forecasting

• Micro-forecasting

• Qualitative forecasting

Multiple Choice

Which forecasting technique is comprised of individuals from different departments who possess diverse knowledge and experience to predict sales?

• Sales fore composite

• Panel consensus

• Delphi Method

• Consumer Survey

Multiple Choice

Which method prevents social pressure and group thinking?

• Panel consensus

• the Delphi method

• Grass roots

• Consumer Surveys

Multiple Choice

Before undertaking quantitative forecasting, what should you always do?

• plot the data identify patterns

• ask your boss

• compute the 3-week moving average

• use adjusted exponential smoothing

Multiple Choice

Which of the following is NOT a time-series forecasting technique?

• Simple moving average

• Weighted moving average

• Exponential smoothing

• Exponential order quantity

Multiple Choice

Which word best describes the pattern shown in this graph?

• cyclical

• seasonal

• trend

• stationary

Multiple Choice

Which option best describes the pattern in this graph?

• Increasing trend

• Seasonal

• Stationary

• Decreasing trend

Multiple Choice

Compute the simple 3-week moving average forecast for week 6

• 40

• 90

• 30

• 33.33

Multiple Choice

Compute the weighted moving average forecast for week 6, using the weights 0.5, 0.2, 0.3 (where 0.5 is for the most recent period).

• 27

• 32

• 30

• 28

Multiple Choice

Given an actual demand of 100, a previous forecast of 90, and an α of 0.3. Compute the forecast for the next period (week 2) using simple exponential smoothing, with α = 0.3.

• 90

• 100

• 93

• 95

Multiple Select

Which of the following is a technique for assessing forecast accuracy? (2 possible correct answers)

• Mean Absolute Deviation

• Moving Average

• Mean Absolute Percentage Deviation

• Exponential Smoothing

Multiple Choice

What is the main advantage of using adjusted exponential smoothing over simple exponential smoothing?

• It is easier to implement and requires less data

• It can handle data with both trend and seasonality

• It is more accurate for short-term forecasts

• It does not require the use of a smoothing constant

Thank you!