SmartBook--Chapter 18:
Forecasting fully solved &
updated
In considering what forecasting approach to use, it is important to
consider the of the forecast. - answer purpose
Tactical forecasts are _________ term, while strategic forecasts are
_____________ term.
Multiple choice question.
short; medium and long
medium; long
short and medium; long
short; long - answer short; medium and long
For forecasting services, _____ availability relative to expected
demand is the issue. - answer capacity
Select all that apply
Identify the basic classifications of forecasting.
Multiple select question.
Numerical analysis
Time series analysis
Causal relationships
Qualitative
Simulation - answer - Time series analysis
,- Causal relationships
- Qualitative
- Simulation
_____ variations are caused by chance events. - answer Random
What time horizon(s) are used for strategic forecasts?
Multiple choice question.
Medium term
Short and medium term
Medium and long-term
Long term - answer Medium and long-term
In business forecasting, what time frame usually refers to three
months to two years?
Multiple choice question.
Quarter
Short
Medium
Long - answer Medium
What type of forecast should be used for strategy, sourcing and
location decisions?
Multiple choice question.
Tactical
Strategic
Operational
Independent - answer Strategic
, You generally use short-term forecasts for _____ decisions such as
replenishing inventory or scheduling employees in the near term. -
answer tactical
Forecasting is needed at decoupling points to set appropriate _____
levels for these buffers. - answer inventory
Match these forecasting methods with the amount of historical data
they require.
- Simple moving average
- Weighted moving average and simple exponential smoothing +
exponential smoothing with trend
- Linear regression
- Trend and seasonal models
Pair with:
- 10 to 20 observations
- 6 to 12 months; weekly data are often used
- 2 to 3 observations per season
- 5 to 10 observations needed to start - answer - Simple moving
average: 6 to 12 months; weekly data are often used
- Weighted moving average and simple exponential smoothing +
exponential smoothing with trend: 5 to 10 observations needed to
start
- Linear regression: 10 to 20 observations
- Trend and seasonal models: 2 to 3 observations per season
Match these forecasting types with their descriptions.
- Qualitative
- Time series analysis
- Casual forecasting
- Simulation
Forecasting fully solved &
updated
In considering what forecasting approach to use, it is important to
consider the of the forecast. - answer purpose
Tactical forecasts are _________ term, while strategic forecasts are
_____________ term.
Multiple choice question.
short; medium and long
medium; long
short and medium; long
short; long - answer short; medium and long
For forecasting services, _____ availability relative to expected
demand is the issue. - answer capacity
Select all that apply
Identify the basic classifications of forecasting.
Multiple select question.
Numerical analysis
Time series analysis
Causal relationships
Qualitative
Simulation - answer - Time series analysis
,- Causal relationships
- Qualitative
- Simulation
_____ variations are caused by chance events. - answer Random
What time horizon(s) are used for strategic forecasts?
Multiple choice question.
Medium term
Short and medium term
Medium and long-term
Long term - answer Medium and long-term
In business forecasting, what time frame usually refers to three
months to two years?
Multiple choice question.
Quarter
Short
Medium
Long - answer Medium
What type of forecast should be used for strategy, sourcing and
location decisions?
Multiple choice question.
Tactical
Strategic
Operational
Independent - answer Strategic
, You generally use short-term forecasts for _____ decisions such as
replenishing inventory or scheduling employees in the near term. -
answer tactical
Forecasting is needed at decoupling points to set appropriate _____
levels for these buffers. - answer inventory
Match these forecasting methods with the amount of historical data
they require.
- Simple moving average
- Weighted moving average and simple exponential smoothing +
exponential smoothing with trend
- Linear regression
- Trend and seasonal models
Pair with:
- 10 to 20 observations
- 6 to 12 months; weekly data are often used
- 2 to 3 observations per season
- 5 to 10 observations needed to start - answer - Simple moving
average: 6 to 12 months; weekly data are often used
- Weighted moving average and simple exponential smoothing +
exponential smoothing with trend: 5 to 10 observations needed to
start
- Linear regression: 10 to 20 observations
- Trend and seasonal models: 2 to 3 observations per season
Match these forecasting types with their descriptions.
- Qualitative
- Time series analysis
- Casual forecasting
- Simulation
