Bana 2081 Practice Questions with Correct
Answers
The company identified in Chapter 9, Analytics in Action, is
ACCO Brands
The Analytics in Action example in Chapter 9 concerned
Sales Forecasting
Chapter 9 focuses on
Forecasting
A set of observations on a variable measured at successive points in time or over
successive periods of time constitute which of the following?
A time series
Which of the following states the objective of time series analysis?
To uncover a pattern in a time series and then extrapolate the pattern into the future
Trend refers to which of the following?
The long-run shift or movement in the time series observable over several periods of tim
A time series plot of a period of time (in weeks) versus sales (in 1,000's of gallons) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 7
time series with a horizontal pattern
,A time series plot of a period of time (in years) versus sales (in thousands of dollars) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 8
Linear Trend Pattern
A time series plot of a period of time (in years) versus revenue (in millions of dollars) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 9
nonlinear trend pattern
A time series plot of a period of time (in months) versus sales (in number of units) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 10
seasonal pattern
A time series plot of a period of time (quarterly) versus quarterly sales (in $1,000s) is
shown below.
A time series plot of a period of time (quarterly) versus quarterly sales (in $1,000s) is
shown below.
Quiz 9-A Question 11
seasonal pattern and linear trend
With reference to time series data patterns, a cyclical pattern is the component of the
time series that does which of the following?
,shows a periodic pattern lasting more than one year
Which of the following is the amount by which the predicted value differs from the
observed value of the time series variable?
forecast error
If the forecasted value of the time series variable for period 2 is 21.5 and the actual
value observed for period 2 is 25, what is the forecast error in period 2?
3.5
A positive forecast error indicates that the forecasting method did which of the
following?
underestimated the dependent variable
Which of the following measures of forecast accuracy is susceptible to the problem of
positive and negative forecast errors offsetting one another?
mean forecast error
Demand for a product and the forecasting department's forecast (naive model) for a
product are shown below.
Compute the mean absolute error.
Quiz 9-B Question 5
2.67
Demand for a product and the forecasting department's forecast (naive model) for a
product are shown below.
Compute the mean squared error.
Quiz 9-B Question 6
, 8.67
Suppose for a particular week, the forecasted sales were $4,500. The actual sales were
$3,500. What is the value of the mean absolute percentage error?
28.6%
Which of the following is true about the moving averages forecasting method?
It uses the average of the most recent data values in the time series as the forecast for the next
period.
The moving averages and exponential smoothing methods are appropriate for a time
series exhibiting which of the following?
a horizontal pattern
Which of the following statements is the objective of the moving averages and
exponential smoothing methods?
to smooth out random fluctuations in the time series
Using a large value for order k in the moving averages method is effective in which of
the following?
smoothing out random fluctuations
With reference to exponential forecasting models, a parameter that provides the weight
given to the most recent time series value in the calculation of the forecast value is
known as which of the following?
the smoothing constant
The exponential smoothing forecast for period t + 1 is a weighted average of which of
the following?
Answers
The company identified in Chapter 9, Analytics in Action, is
ACCO Brands
The Analytics in Action example in Chapter 9 concerned
Sales Forecasting
Chapter 9 focuses on
Forecasting
A set of observations on a variable measured at successive points in time or over
successive periods of time constitute which of the following?
A time series
Which of the following states the objective of time series analysis?
To uncover a pattern in a time series and then extrapolate the pattern into the future
Trend refers to which of the following?
The long-run shift or movement in the time series observable over several periods of tim
A time series plot of a period of time (in weeks) versus sales (in 1,000's of gallons) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 7
time series with a horizontal pattern
,A time series plot of a period of time (in years) versus sales (in thousands of dollars) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 8
Linear Trend Pattern
A time series plot of a period of time (in years) versus revenue (in millions of dollars) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 9
nonlinear trend pattern
A time series plot of a period of time (in months) versus sales (in number of units) is
shown below.
Which of the following data patterns best describes the scenario shown?
Quiz 9-A Question 10
seasonal pattern
A time series plot of a period of time (quarterly) versus quarterly sales (in $1,000s) is
shown below.
A time series plot of a period of time (quarterly) versus quarterly sales (in $1,000s) is
shown below.
Quiz 9-A Question 11
seasonal pattern and linear trend
With reference to time series data patterns, a cyclical pattern is the component of the
time series that does which of the following?
,shows a periodic pattern lasting more than one year
Which of the following is the amount by which the predicted value differs from the
observed value of the time series variable?
forecast error
If the forecasted value of the time series variable for period 2 is 21.5 and the actual
value observed for period 2 is 25, what is the forecast error in period 2?
3.5
A positive forecast error indicates that the forecasting method did which of the
following?
underestimated the dependent variable
Which of the following measures of forecast accuracy is susceptible to the problem of
positive and negative forecast errors offsetting one another?
mean forecast error
Demand for a product and the forecasting department's forecast (naive model) for a
product are shown below.
Compute the mean absolute error.
Quiz 9-B Question 5
2.67
Demand for a product and the forecasting department's forecast (naive model) for a
product are shown below.
Compute the mean squared error.
Quiz 9-B Question 6
, 8.67
Suppose for a particular week, the forecasted sales were $4,500. The actual sales were
$3,500. What is the value of the mean absolute percentage error?
28.6%
Which of the following is true about the moving averages forecasting method?
It uses the average of the most recent data values in the time series as the forecast for the next
period.
The moving averages and exponential smoothing methods are appropriate for a time
series exhibiting which of the following?
a horizontal pattern
Which of the following statements is the objective of the moving averages and
exponential smoothing methods?
to smooth out random fluctuations in the time series
Using a large value for order k in the moving averages method is effective in which of
the following?
smoothing out random fluctuations
With reference to exponential forecasting models, a parameter that provides the weight
given to the most recent time series value in the calculation of the forecast value is
known as which of the following?
the smoothing constant
The exponential smoothing forecast for period t + 1 is a weighted average of which of
the following?
