Forecasting Techniques Quiz

What is primary data?

• Data collected specifically for the purpose of which it is used.

• Data collected by another organization for a different purpose.

• Data that is outdated and no longer useful.

• Data that is randomly gathered without a specific purpose.

What is secondary data?

• Data collected specifically for the purpose of which it is used.

• Data collected by another organization for some other purpose but which can be used for our purposes.

• Data that is outdated and no longer useful.

• Data that is randomly gathered without a specific purpose.

What is a census?

• A method where the entire population is covered

• A method where part of the population is covered

• A method where only a sample is surveyed

• A method where data is collected randomly

What does sampling involve?

• Covering the entire population

• Covering part of the population

• Covering none of the population

• Covering the population twice

Which of the following is considered an internal source of information?

• Market trends

• Labour hours

• Customer feedback

• Competitor analysis

Which of the following is NOT an internal source of information?

• Number of items rejected

• Amounts owed and due dates

• Planned output

• Industry benchmarks

Which of the following is considered an external source of information?

• Internal financial reports

• Employee feedback

• Performance of rivals

• Company mission statement

What type of information is gathered from consumer opinion?

• Internal processes

• Market trends

• Employee satisfaction

• Production costs

What is a time series?

• A set of numerical data described over a uniform set of time points or period

• A random collection of numbers

• A single data point measured at one time

• A list of unrelated events

Which of the following is an example of a time series?

• Annual turnover of a firm for five successive years

• A single day's sales in a store

• A random number generator output

• A list of favorite movies