GSCM 330 Week 1 Quiz

Week 1: Quiz

 GSCM 330 Week 1 Quiz | Devry University

Question 1

Two general approaches to forecasting are  

·         qualitative and statistical.  

·         mathematical and subjective.  

·         historical and speculative.    

·         quantitative and subjective.

 

Question 2

A characteristic of time series data that it is not possible to forecast is which of the following?  

·         Trends 

·         Seasonality 

·         Random variation 

·         Cycles

 

Question 3

Frosty’s Snow Cones uses a weighted moving average method to forecast snow cone sales. It assigns a weight of five to the previous month's demand, three to demand 2 months ago, and one to demand 3 months ago. If sales amounted to 1,000 snow cones in May, 2,200 snow cones in June, and 3,000 snow cones in July, what should be the forecast for August?  

·         2,405  

·         2,061 

·         3,767   

·         2,511  

·         1,681

 

Question 4

Given an actual demand of 110, a previous forecast value of 105, and an alpha of .3, the exponential smoothing forecast for the next period would be  

·         94.6.  

·         97.2.  

·         100.6.

·         106.5. 

·         103.

 

Question 5

Which of the following should be considered as very important when developing sales forecasts?  

·         Product life cycles  

·         Medium-range forecasts  

·         The Delphi technique  

·         Political stability

 

Question 6

What forecasting assumption allows firms to automate their forecasting?  

·         There is some underlying stability in the system.

·         Automation is less expensive.

·         Individual forecasts are more accurate than aggregated forecasts.

·         Forecasts are seldom perfect.