OM_Forecasting

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

• 2 Weeks

• 1 month

• 3 Years

• 5 days

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

• Forecasting

• Inventory

• Quality

• Supply

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 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

A moving average involves using the most recent averages to determine demand.

• True

• False

Demand (sales) forecasts serve as inputs to financial, marketing, and personnel planning.

• true

• false