AN300 Exam 3 Practice Questions with Correct Answers 100% Verified

AN300 Exam 3 Practice Questions with Correct Answers 100% Verified Which of the following statements about time-series forecasting is TRUE? Check all that apply. - Correct Answer It applies to strategic planning by predicting market growth rates. It is a predictive analytics technique. It needs data on observations of an item of interest over time. It predicts the future outcome of the item of interest. What kind of data pattern is depicted in the following line graph? Check all that apply. - Correct Answer Seasonality, Trend A recurring pattern that occurs at set periods within a larger time frame. - Correct Answer Seasonality A gradual increase in values over time. - Correct Answer Upward trend A gradual decrease in values over time. - Correct Answer Downward trend A constant average value over time. - Correct Answer Level Which of the following is a business application of time series forecasting? - Correct Answer Sales forecasts of swimsuits from past records. It requires only one historical data value. - Correct Answer Naive It adapts readily to sudden shifts in data pattern. - Correct Answer Naive It requires the data points in the time series as well as the number of periods used in forecasting. - Correct Answer Simple moving average It is a weighted average of all prior historical actual vales. - Correct Answer Exponential smoothing average