A the major restriction in using linear regression as

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a. The major restriction in using linear regression as a model for forecasting is that past data and future projections are assumed to fall about a straight line. b. Regression can be defined as a functional relationship between two or more correlated variables, where we use one variable to predict another. c. Linear regression is useful for long-term forecasting of major occurrences and aggregate planning. d. When using linear regression in forecasting, the standard error of the estimate cannot be used to see how well the line the model generates fits the data. 2
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Name:_________________________________________________ ID:_________________________ 1.6 Which of the following is false? a. In the simple exponential smoothing forecasting model the data pattern should remain stationary. b. Single exponential smoothing has the shortcoming of lagging changes in demand. c. The weights used in the weighted moving average forecasting model have to add up to 2. d. When choosing weights for the weighted moving average forecasting model experience and trial and error are the simplest ways to do it. 1.7 Demand for products or services can be broken down into which of the following components of demand? a. Average demand for a period b. Trend influences c. Seasonal influences d. All of the above 1.8 Which of the following is false? a. Aggregate planning involves translating annual and quarterly business plans into broad labor and output plans for the intermediate term of 6 to 18 months. b. The aggregate planning process is very different in every aspect when comparing service operations with manufacturing operations. c. The fixed and variable costs incurred in producing a given product type in a given period are relevant aggregate production planning costs. d. Master production schedule is not an input into the aggregate production plan. 1.9 The main purpose of aggregate planning is to specify the optimal combination of which of the following? a. Production rates b. Workforce levels c. Inventory on hand d. All of the above 1.10 Matching the production rate to the order rate by hiring and laying off employees as the order rate varies is which of the following production planning strategies? a. Chase b. Level c. Stable workforce, variable work hours d. All of the above 3
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Name:_________________________________________________ ID:_________________________ Question 2 (10 Points) A builder has located a piece of property that she would like to buy and eventually build on. The land is currently zoned for four homes per acre, but she is planning to request new zoning. What she builds depends on the approval of zoning requests and your analysis of this problem to advise her.
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