midterm 2 bus140 quiz

# midterm 2 bus140 quiz - Chapter 3 15 INCORREC T Which...

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Chapter 3 15 INCORREC T Which exponential smoothing factor would produce the most smoothing? A) 1.0 B) 0.3 C) 0.1 D) 0.0 Feedback: The value closest to zero, but not zero, which would keep the forecasts unchanging. 16 INCORREC T Averaging techniques are useful for: A) distinguishing between random and non-random variations B) smoothing out fluctuations in time series C) both (a) and (b) D) providing technically accurate forecasts E) all of the above Feedback: Averaging smoothes all values. 17 INCORREC T Which one of the following is a qualitative forecasting technique? A) Associative B) Naïve C) Moving average D) Exponential smoothing E) Delphi Feedback: The others are all quantitative techniques 18 INCORREC T Which approach to forecasting uses a series of questionnaires? A) Associative B) Naïve C) Moving average D) Exponential smoothing E) Delphi

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19 INCORREC T Which term is most closely associated with simple exponential smoothing? A) seasonal relative B) moving average C) trend D) predictor variable Feedback: Exponentially-weighted moving average . 20 INCORREC T Which is not a typical approach for improving forecasts? A) search for a better technique B) shorten product development time C) shorten lead times D) build flexibility into the system Feedback: Flexibility won't improve a forecast, but may help to overcome a poor forecast. 21 INCORREC T Which would not generally be considered as a feature common to all forecasts? A) Assumption of a stable underlying causal system B) Actual results will differ somewhat from predicted values. C) Historical data are available on which to base the forecast . D) Forecasts for groups of items tend to be more accurate than forecasts for individual items. E) Accuracy decreases as the time horizon increases. Feedback: Historical data is not always available (e.g., new products or new services). 22 INCORREC T If an analyst wants to make a moving average more responsive to change, the analyst should A) increase the number of data points in the average B) decrease the number of data points in the average C) increase the value of the smoothing constant D) decrease the value of the smoothing constant E) None of these Feedback: The fewer the data points, the more responsive the moving average will be to new data.
23 CORRECT Which phrase or term does not relate to the Delphi method of forecasting?

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