Quiz #2 (Forecasting)

Refers to the basic input in the decision processes of operations management because they provide information on future demand.

• Forecasting

• Inventory

• Quality

• Supply

Which of the following words can be best associated to 'forecasting'?

• Assuming

• Predicting

• Guessing

Which of the following is an example of long-term forecasting?

• 2 Weeks

• 1 month

• 3 Years

• 5 days

What is the last elements of a Good Forecast?

• Meaningful Units

• Timely

• Accurate

• Easy to use

Refers to a certain amount of time is needed to respond to the information contained in a forecast?

• Written

• Reliable

• Meaningful units

• Timely

What is the first step in 'Forecasting'?

• Select a forecasting technique

• Establishing the purpose

• Prepare the forecast

• Establish a time horizon

What is the last step in 'Forecasting'?

• Select a forecasting technique

• Prepare the forecast

• Monitor the forecast

• Determine the purpose of forecast

Which of the following can not be used in forecasting?

• Survey

• Assumption

• History

• Trends

Which of the following statements is true?

• Shorter time horizon equals to lower uncertainty.

• Longer time horizon equals to lower uncertainty.

• Shorter time horizon equals to higher uncertainty.

• Longer time horizon equals to bigger uncertainty.

History based forecast uses what?

• trends

• survey

• past data

• demand