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MAR 3203 UCF EXAM 1 QUESTIONS AND ANSWERS

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MAR 3203 UCF EXAM 1 QUESTIONS AND ANSWERS...

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MAR 3203 UCF EXAM 1 QUESTIONS AND
ANSWERS


*** "Today's forecast equals yesterday's actual demand" is referred to as -
ANSWER the naive approach.
"Next period forecast averages the last 3 months" is referred as - ANSWER a
moving average.
*** The forecasting time horizon easiest to predict for - ANSWER Short-term
Quantitative forecasting method? - ANSWER Exponential Smoothing
Which forecast error measure is probably the easiest to interpret? - ANSWER
MAPE
Relative - ANSWER Estimate size MAPE
Absolute - ANSWER Exact number MAD & MSE
Delphi - ANSWER Survey or questionnaire
-Must reach a decision
Jury of executive opinion - ANSWER Small group comes together to come up
with a decision
-Downside: Group decision
Sales force composite - ANSWER Projection made by sales projections
-Down Side: Obinionated
Market survey - ANSWER Survey on experience
-Downside: People say what they don't mean
ABC - ANSWER A: High dollar value/Expensive
B: Medium Vale
C: Low price
ABC analysis divides an organization's on-hand inventory into three classes
based upon - ANSWER annual dollar volume.

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