OM 300 CERTIFICATION EVALUATION
VERIFIED QUESTIONS AND SOLUTIONS
FULL REVIEW PACK
●● 3 Forecasting Time Horizons and their differences
Answer: -Short Range Forecast: usually less than 3 months, More
mathematical techniques (Moving averages, Exponential smoothing,
trend extrapolation)
-Medium Range Forecast: falls between 3 months to 3 years; Sales
Planning, Production Planning, Budgeting
-Long Range Forecast: 3+ years, Capital Expenditures, New Products,
Expansion
●● 7 steps to Forecasting
Answer: 1. Determine Use
- Disney-Park attendance drive staffing, opening, ride availability and
food
2. Select items to be forecasted
-Forecasting attendance at each park
, 3. Time Horizon
-Disney develops daily, weekly, monthly, annual and 5-year forecasts
4. Which Models
-moving avgs, econometrics, regression
5. Gather Data
-Forecasting team survey 1M visitors and use Global Insights
6.Make Forecast
7.Validate and implement results
-Error measures applied to make sure data is valid
●● Qualitative Forecasting Approach
Answer: Vaugue approach, little to no historical data exists, Intuition,
experience
●● Jury of Executive Opinion
Answer: small group of executives and managers combine experience
and statistical methods
●● Delphi Method
Answer: Iterative group process continues until a consensus is reached
VERIFIED QUESTIONS AND SOLUTIONS
FULL REVIEW PACK
●● 3 Forecasting Time Horizons and their differences
Answer: -Short Range Forecast: usually less than 3 months, More
mathematical techniques (Moving averages, Exponential smoothing,
trend extrapolation)
-Medium Range Forecast: falls between 3 months to 3 years; Sales
Planning, Production Planning, Budgeting
-Long Range Forecast: 3+ years, Capital Expenditures, New Products,
Expansion
●● 7 steps to Forecasting
Answer: 1. Determine Use
- Disney-Park attendance drive staffing, opening, ride availability and
food
2. Select items to be forecasted
-Forecasting attendance at each park
, 3. Time Horizon
-Disney develops daily, weekly, monthly, annual and 5-year forecasts
4. Which Models
-moving avgs, econometrics, regression
5. Gather Data
-Forecasting team survey 1M visitors and use Global Insights
6.Make Forecast
7.Validate and implement results
-Error measures applied to make sure data is valid
●● Qualitative Forecasting Approach
Answer: Vaugue approach, little to no historical data exists, Intuition,
experience
●● Jury of Executive Opinion
Answer: small group of executives and managers combine experience
and statistical methods
●● Delphi Method
Answer: Iterative group process continues until a consensus is reached
