Question 1

Quantitative forecasting methods tend to be more accurate than qualitative methods.

Accepted Answer

A) True 
 B)False

Question 2

Forecasts are critical to predicting future events, but they are rarely _______ :

Accepted Answer

A)   Useful
B)   Accurate
C)   Perfect
D)   Quantitative
E)   Qualitative

Question 3

Forecasting is the process of predicting future events.

Accepted Answer

A) True 
 B)False

Question 4

A ________ data pattern is commonly seen an utilized for commodity products:

Accepted Answer

A)   Trend
B)   Seasonal
C)   Cycle
D)   Horizontal
E)   Cluster

Question 5

A principle of forecasting is that uncertainty cannot be tolerated.

Accepted Answer

A) True 
 B)False

Question 6

Two measures of forecast accuracy include:

Accepted Answer

A)   Mean deviation
B)   Mean absolute deviation
C)   Mean square error
D)   a and c
E)   b and c

Question 7

Forecasts are more accurate for _________ time horizons:

Accepted Answer

A)   Short
B)   Medium
C)   Long
D)   Annual
E)   None of the above

Question 8

Benefits of joint forecasting between supply chain partners include:

Accepted Answer

A)   Risk sharing
B)   Improve customer value
C)   Higher sales
D)   Decrease inventory
E)   All of the above

Question 9

__________ forecasts are more accurate than individual forecasts.

Accepted Answer

A)   Qualitative
B)   Quantitative
C)   Stable
D)   Aggregate
E)   Causal

Question 10

Aggregate forecasts are more accurate than individual forecasts.

Accepted Answer

A) True 
 B)False

Question 11

The key idea of regression analysis is the ability to measure the relationship between two or more variables on the forecast.

Accepted Answer

A) True 
 B)False

Question 12

Examples of data patterns that must be considered when forecasting include:

Accepted Answer

A)   Cluster
B)   Horizontal
C)   Cycle
D)   Qualitative
E)   b and c

Question 13

Sophisticated and costly forecasting models would be most appropriate for which product:

Accepted Answer

A)   Paper clips
B)   Pencils
C)   Smartphones
D)   Diapers
E)   None of the above

Question 14

Understanding how new market opportunities and competitors could impact a firm are part of the planning decision process.

Accepted Answer

A) True 
 B)False

Question 15

The bullwhip effect is a result of collaborative forecasting and planning.

Accepted Answer

A) True 
 B)False

Question 16

Joint forecasting between supply chain partners is known as:

Accepted Answer

A)   Vendor managed inventory
B)   Collaborative planning, forecasting, and replenishment
C)   Early supplier involvement
D)   Sales and operations planning
E)   None of the above

Question 17

__________ is the process of predicting future events.

Accepted Answer

A)   Planning
B)   Sales and Operations Planning
C)   Sourcing
D)   Forecasting
E)   Finance

Question 18

Determining the accuracy of a forecast is as important as the forecast itself.

Accepted Answer

A) True 
 B)False

Question 19

Responsiveness to changes in the environment is an advantage of qualitative forecasting methods.

Accepted Answer

A) True 
 B)False

Question 20

Benefits of sales and operations planning include:

Accepted Answer

A)   Understanding of trade-offs in an organization
B)   Balanced metrics
C)   Collaboration
D)   All of the above
E)   None of the above

Exam 8: Forecasting Demand Planning

Forecasts are critical to predicting future events, but they are rarely _______ :

Correct AnswerverifiedShow Answer

Quantitative forecasting methods tend to be more accurate than qualitative methods.

Correct AnswerverifiedShow Answer

Sophisticated and costly forecasting models would be most appropriate for which product:

Correct AnswerverifiedShow Answer

__________ forecasts are more accurate than individual forecasts.

Correct AnswerverifiedShow Answer

The key idea of regression analysis is the ability to measure the relationship between two or more variables on the forecast.

Correct AnswerverifiedShow Answer

Joint forecasting between supply chain partners is known as:

Correct AnswerverifiedShow Answer

Forecasting is the process of predicting future events.

Correct AnswerverifiedShow Answer

Aggregate forecasts are more accurate than individual forecasts.

Correct AnswerverifiedShow Answer

Two measures of forecast accuracy include:

Correct AnswerverifiedShow Answer

Benefits of joint forecasting between supply chain partners include:

Correct AnswerverifiedShow Answer

Responsiveness to changes in the environment is an advantage of qualitative forecasting methods.

Correct AnswerverifiedShow Answer

Understanding how new market opportunities and competitors could impact a firm are part of the planning decision process.

Correct AnswerverifiedShow Answer

A principle of forecasting is that uncertainty cannot be tolerated.

Correct AnswerverifiedShow Answer

A ________ data pattern is commonly seen an utilized for commodity products:

Correct AnswerverifiedShow Answer

The bullwhip effect is a result of collaborative forecasting and planning.

Correct AnswerverifiedShow Answer

Benefits of sales and operations planning include:

Correct AnswerverifiedShow Answer

Determining the accuracy of a forecast is as important as the forecast itself.

Correct AnswerverifiedShow Answer

Forecasts are more accurate for _________ time horizons:

Correct AnswerverifiedShow Answer

__________ is the process of predicting future events.

Correct AnswerverifiedShow Answer

Examples of data patterns that must be considered when forecasting include:

Correct AnswerverifiedShow Answer

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