OMGT Quiz 7 Study Guide | Operations Management Review, Key Concepts & Practice
Questions
In a supply chain, the most commonly forecasted variable is supply in the market. - correct
answer ✔✔false
The most obvious approach to forecasting is related to predicting market conditions and their
effect on potential demand. - correct answer ✔✔False
As forecasting tends to be an essential element to a business's success, companies should invest
their time and resources in creating multiple demand forecasts, while using one forecasting
approach. - correct answer ✔✔false
Seasonality is always of a fixed and known frequency - correct answer ✔✔true
In forecasting, a cycle is defined as the periodic and repetitive oscillating movement in demand
spanning over a duration of more than 1 year. - correct answer ✔✔false
When the global, COVID-19 pandemic hit, it is reasonable to assume that companies used
quantitative forecasting models given the completely unique market conditions. - correct
answer ✔✔false
The first step of an effective forecasting model is to select the items needed to be forecasted. -
correct answer ✔✔false
The forecast accuracy for the short-term tends to be better as it will contain less uncertainty. -
correct answer ✔✔true
The Delphi method is used to survey and solicit unbiased information from a group of experts
through a structured iterative process. - correct answer ✔✔true
Questions
In a supply chain, the most commonly forecasted variable is supply in the market. - correct
answer ✔✔false
The most obvious approach to forecasting is related to predicting market conditions and their
effect on potential demand. - correct answer ✔✔False
As forecasting tends to be an essential element to a business's success, companies should invest
their time and resources in creating multiple demand forecasts, while using one forecasting
approach. - correct answer ✔✔false
Seasonality is always of a fixed and known frequency - correct answer ✔✔true
In forecasting, a cycle is defined as the periodic and repetitive oscillating movement in demand
spanning over a duration of more than 1 year. - correct answer ✔✔false
When the global, COVID-19 pandemic hit, it is reasonable to assume that companies used
quantitative forecasting models given the completely unique market conditions. - correct
answer ✔✔false
The first step of an effective forecasting model is to select the items needed to be forecasted. -
correct answer ✔✔false
The forecast accuracy for the short-term tends to be better as it will contain less uncertainty. -
correct answer ✔✔true
The Delphi method is used to survey and solicit unbiased information from a group of experts
through a structured iterative process. - correct answer ✔✔true
