Ch 3 OSCM 306 Review

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

• Regression

• Predictor variables

• Correlation

• Moving Average

Technique for fitting a line in a set of points.

• Random variations

• Regression

• Correlation

• Weighted Average

What forecasting method demonstrates the best recent success?

• Focus Forecasting

• Associative Model

• Time Series Forecasts

• Exponential Smoothing

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

• Moving

  Average

• Exponential Smoothing

• Predictor Variables

• Weighted Average

Variables used to predict values of the variable of interest.

• Weighted Average

• Predictor Variables

• Random Variables

• Moving Average

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

• Predictor variables

• Random variations

• Regression

• Correlation

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

• Associative Model

• Time Series Forecasts

• Focus Forecasting

• Random Variations

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

• Focus Forecasting

• Associative Model

• Time Series Forecasts

• Moving Average

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

• Time Series Forecasts

• Focus Forecasts

• Weighted Average

• Moving Average

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

• Moving Average

• Weighted Average

• Regression

• Exponential Smoothing