Forecasting and Decision Support Systems

Forecasting and Decision Support Systems

Assessment

Interactive Video

Business

10th - 12th Grade

Hard

Created by

Amelia Wright

FREE Resource

The video tutorial covers the process of generating forecasts for a corporation's performance over five years using a decision support system (DSS) in spreadsheets. It discusses identifying data sources for sales and cost records, understanding external variables like inflation and tax rates, and incorporating user inputs. The tutorial also guides on designing a spreadsheet to predict post-tax profits, emphasizing the importance of inputs, outputs, and calculations for accurate forecasting.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of using a decision support system (DSS) in forecasting?

To automate all business processes

To reduce the number of employees needed

To eliminate the need for human decision-making

To generate accurate predictions of future performance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where would a company most likely store its past sales records?

In a marketing database

In a sales database

In a cloud storage service

In a physical filing cabinet

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which organization is responsible for defining inflation rates in Australia?

Australian Bureau of Statistics

Australian Taxation Office

Department of Finance

Reserve Bank of Australia

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the Australian Taxation Office in the context of forecasting?

Managing company databases

Defining tax rates

Predicting market trends

Setting interest rates

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can users influence the predictions made by a decision support system?

By adjusting forecast inputs

By changing the system's code

By consulting external experts

By altering historical data

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three cost categories mentioned in the context of forecasting?

Marketing, Sales, Production

Goods, Administration, Marketing

Production, Administration, Sales

Goods, Services, Marketing

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of using percentages in forecasting inputs?

They are easier to understand

They simplify calculations

They provide a relative measure

They are required by law

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