Unlock and Upgrade

Remove all limits from your Quizzes

You've reached the limit of our free version but can immediately unlock and go pro.

Continue No thanks

Make your own Quiz

Make your own Quiz Copy & Edit

Make your own quiz Manage my Quizzes Plans / Features Guides and Help Contact Privacy & Security

Chapter 9

What is considered a short-range forecast?

Less than or equal to 3 months

Less than or equal to 6 months

Less than or equal to 12 months

More than 12 months

What is considered a long-range forecast?

6 to 12 months

3 to 6 months

1 to 10 years

Less than or equal to 1 year

Select the reasons why short-range forecasts are more accurate than long-range

Less variables

Less time to be accountable for

Cheaper to record data

Condensed data

What are the two forecasting approaches?

Seasonal patterns usually for long-term trends usually more than a year

True

False

Cyclical patterns usually for long-term trends usually more than a year

True

False

What is the Delphi method?

What are the quantitative methods noted in class? And write their formulas if possible.

What are the forecasting error measures, their disadvantages, and write their formulas.

A bias of 2 units means that the forecasting method is a little over the actual.

True

False

A MAD of 2 units means that the forecasting method is a little under than the actual

True

False

LR forecast's MAD is 32 while an SMA forecast's MAD is 145 which method is more accurate?

Linear regression (LR)

Simple moving average (SMA)

A MAPE of 2% means that the forecasting method can be off by 2% from the actual

True

False

{"name":"Chapter 9", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"What is considered a short-range forecast?, What is considered a long-range forecast?, Select the reasons why short-range forecasts are more accurate than long-range","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}