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Exam 8: Demand Management and Forecasting

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Question 31

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The random variation that occurs in any time series is known as the ________ component.

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Question 32

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The double smoothing technique adds twice the forecast error to last period's actual demand to arrive at a forecast.

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Question 33

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Simple linear regression is used as a forecasting technique when there are multiple independent variables.

A manufacturer of printers introduces a new product to the market and produces the product in its new manufacturing facility in Texas.When employees become familiar with producing a particular product and as newer products are introduced,the production of mature products is moved to partners in Mexico to accommodate production of the new product line.The manufacturer is using a practice called

In the context of demand management,the loss and replacement of customers is known as churn.

In the forecasting process,the step of selecting a forecasting technique occurs before determining the time horizon for the forecast.

The Delphi approach involves the use of a series of questionnaires to achieve a consensus forecast.

In forecasting,what is the Mean Absolute Percent Error (MAPE) ?

As per the bullwhip effect,which member of the supply chain will see the largest variation in demand along the supply chain?

The Fresh Express Beverage Company is interested in evaluating the effects of advertising spend on the sales of their products.Based on historical data,they develop the following equation which approximates this relationship: y = 2.5 + 0.02x,where y is the number of bottles of beverages sold measured in millions of units,and x = amount of money spent on advertising measured in millions of dollars.Based on this information,which of the following statements is correct?

Demand that is calculated from a parent item is called ________.

Variation patterns that are repetitive and occur at the same fixed time period are known as seasonal patterns.

An assertion about the future whose outcome you have not yet seen is called a ________.

The average rate of change in a time series data is known as ________.

Which of the following is not a step in the forecasting process?

Which forecasting method is commonly used by going to the market to get information for new product launches?

Which of the following practices is a form of demand management?

The act of removing seasonal variation from a time series to better estimate trend is known as ________.

For the current period,given an actual demand of 105,a forecasted value of 97,and an alpha of 0.4,the simple exponential smoothing forecast for the next period would be

A smoothing constant of 0.2 will cause the exponential smoothing forecasting technique to react more quickly to a sudden change in historical demand as compared to using a smoothing constant value of 0.7.