OPMA 3306 Test 1 questions with
complete solutions graded A+
Time Series - correct answer ✔✔Repeated observations of demand for a service
or product in their order of occurrence
Basic Patterns of Time Series - correct answer ✔✔Trend- systematic in(de)crease
over time
Seasonal- repeatable pattern depending on time of day, week, month, or season
Cyclical- gradual change in demand over years or decades
Random- unforecastable change
Judgment Methods Best Used In - correct answer ✔✔Cases of uncertainty;
Modification of forecasts;
Modification of history file to help discount special scenarios
Four Types of Judgment Methods - correct answer ✔✔Salesforce estimates;
Executive opinion;
Market research;
Delphi method
Associative Method - correct answer ✔✔Used when historical data is available
and relationship between forecasted factor and other factors can be identified
complete solutions graded A+
Time Series - correct answer ✔✔Repeated observations of demand for a service
or product in their order of occurrence
Basic Patterns of Time Series - correct answer ✔✔Trend- systematic in(de)crease
over time
Seasonal- repeatable pattern depending on time of day, week, month, or season
Cyclical- gradual change in demand over years or decades
Random- unforecastable change
Judgment Methods Best Used In - correct answer ✔✔Cases of uncertainty;
Modification of forecasts;
Modification of history file to help discount special scenarios
Four Types of Judgment Methods - correct answer ✔✔Salesforce estimates;
Executive opinion;
Market research;
Delphi method
Associative Method - correct answer ✔✔Used when historical data is available
and relationship between forecasted factor and other factors can be identified
