MGSC 395 Exam 3 | UPDATED Questions with 100% Verified Answers
Question:
complementary products
Answer:
A demand management option for a company is to even out the load on resources by
producing ___________ products, or services that have similar resource requirements but
different demand cycles.
Question:
backorders
Answer:
Generally, which of the following are to be avoided when managing demand?
Question:
Seasonal
Answer:
A repeatable pattern of increases or decreases in demand, depending on periods of time
of within one year or less, is a time-series pattern called
Question:
Random
Answer:
The least predictable pattern of time-series variation is called
Question:
aggregation
Answer:
Companies that use a two-tier forecasting system first cluster (or "roll up") several similar
services or products in a process called
Question:
Which of the following statements regarding forecasting "units
of measurement" is best?
, Answer:
Forecasted "product units" can be translated to dollars by multiplying them by the unit
price.
Question:
_________ methods translate the opinions of managers, expert
opinions, consumer surveys, and salesforce estimates into
quantitative estimates.
Answer:
Judgement
Question:
Which of the following is considered a quantitative forecasting
method?
Answer:
time-series analysis
,trend projection with regression, causal methods
Question:
A forecast with a large cumulative sum of forecast errors (CFE)
indicates
Answer:
consistent forecasting mistakes —the forecast is always too high or too low.
Question:
________ is the best error measure to use when making
comparisons between time series for different SKUs.
Answer:
Mean absolute percent error
Question:
Which error measure lets a forecaster know that the forecast is
consistently high?
Question:
complementary products
Answer:
A demand management option for a company is to even out the load on resources by
producing ___________ products, or services that have similar resource requirements but
different demand cycles.
Question:
backorders
Answer:
Generally, which of the following are to be avoided when managing demand?
Question:
Seasonal
Answer:
A repeatable pattern of increases or decreases in demand, depending on periods of time
of within one year or less, is a time-series pattern called
Question:
Random
Answer:
The least predictable pattern of time-series variation is called
Question:
aggregation
Answer:
Companies that use a two-tier forecasting system first cluster (or "roll up") several similar
services or products in a process called
Question:
Which of the following statements regarding forecasting "units
of measurement" is best?
, Answer:
Forecasted "product units" can be translated to dollars by multiplying them by the unit
price.
Question:
_________ methods translate the opinions of managers, expert
opinions, consumer surveys, and salesforce estimates into
quantitative estimates.
Answer:
Judgement
Question:
Which of the following is considered a quantitative forecasting
method?
Answer:
time-series analysis
,trend projection with regression, causal methods
Question:
A forecast with a large cumulative sum of forecast errors (CFE)
indicates
Answer:
consistent forecasting mistakes —the forecast is always too high or too low.
Question:
________ is the best error measure to use when making
comparisons between time series for different SKUs.
Answer:
Mean absolute percent error
Question:
Which error measure lets a forecaster know that the forecast is
consistently high?
