QMB3200 MIDTERM Exam2024 Questions & Answers 100% Correct!

Which of the following statements regarding a time series technique is true? - ANSWERSTime series techniques focus on the historical behavior of some outcome of interest to predict its future behavior. Which time series technique predicts a future value by combining the previous prediction and some portion of the error in the prediction? - ANSWERSSimple exponential smoothing Which of the following correlation coefficient values represents the strongest positive correlation between two factors in a data set? - ANSWERSr-=0.931 It is NOT possible for a forecast to be both responsive and inaccurate. - ANSWERSFalse In a time series, what is a black swan? - ANSWERSa particularly high-impact incident of extreme consequence that is unexpected or considered highly improbable Calculating a regression equation for a given set of data identifies the specific values of ____ - ANSWERSthe slope and intercept Averaging forecast errors over time results in the performance measure known as *****? - ANSWERSmean error What is the ME for the forecast errors of 5, 10, 0, and -3? - ANSWERS3 one-time shocks to a time series from a distinctly external influence, such as a sudden dip in consumer sales after a disruptive event, are called ____ variations - ANSWERSexogenous Several forecasting methods rely on insights from a group of people, but which method does NOT have the group discuss their opinions? - ANSWERSDelphi Groups Which of the following forecasting measures calculates the average of the absolute values of a set of forecast errors? - ANSWERSMAD Th