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Terms in this set (23)A ________ is a gradual, long-term, up-or-down movement of demand. Trend A ________ is an up-and-down repetitive movement that repeats itself over a time span of more than 1 year. Seasonal pattern ________ methods are the most common type of forecasting method for the long-term strategic planning process. Qualitative ________ is a category of statistical techniques that uses historical data to predict future behavior. Time series ________ use management judgment, expertise, and opinion to make forecasts. Qualitative methods The ________ is a procedure for developing a consensus forecast about what will occur in the future. Delphi method ________ has become increasingly crucial to compete in the modern international business environment. Technological forecasting Inconsistent swiggley line None of the above Consistent swiggley line Trend plus seasonal One swiggley line Trend plus irregular ________ moving averages react more slowly to recent demand changes than do ________ moving averages. Longer-period, shorter-period ________ are good for stable demand with no pronounced behavioral patterns. Moving averages ________ methods assume that what has occurred in the past will continue to occur in the future. Time series
In exponential smoothing, the closer alpha is to ________, the greater the reaction to the most recent demand. 1 In adjusted exponential smoothing, the closer beta is to ________, the stronger a trend is reflected. 1 ________ is a linear regression model relating demand to time. Linear trend Which of the following possible values of alpha would cause exponential smoothing to respond the most slowly to sudden changes in forecast errors? .01 ________ is the difference between the forecast and actual demand. Forecast error ________ is absolute error as a percentage of demand. MAPD ________ indicates a forecast is biased high. Large - E ________ is a measure of the strength of the relationship between independent variable(s) and a dependent variable. Correlation ________ is the percentage of the variation in the dependent variable that results from the independent variable. Coefficient of determination Coefficient of determination is the percentage of the variation in the ________ variable that results from the ________ variable. Dependent, independent Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Principles of Microeconomics8th EditionN. Gregory Mankiw 889 solutions Economics: Principles in Action3rd EditionArthur O'Sullivan, Steven M. Sheffrin 809 solutions Microeconomics8th EditionDaniel Rubinfeld, Robert Pindyck 395 solutions Sets with similar termsSCM 352 CH 631 terms mikesperoni CHAPTER 15: Forecasting28 terms DiamondWise Section A: Forecasting Techniques24 terms kmhowey Chapter 8 scma 32085 terms caitdip Sets found in the same folderManagement Science Exam132 terms braydenbriggs Quant 2 Final51 terms devin755 eco stat ch 1636 terms ccparker17 ch 2 app stat133 terms milkshakepaige Other sets by this creatorPharmacy Vocabulary #911 terms mia_cardoza Medications that require Guides20 terms mia_cardoza Pharmacy Vocabulary #819 terms mia_cardoza Pharmacy Vocabulary #713 terms mia_cardoza Other Quizlet setsConsumer Behavior Exam 125 terms Miguel_Osorio09 FINAL EXAM180 terms RayeOfSunshine03 MKTG Test 1 Concept Checks14 terms cristina123455 MGMT 410 Exam 1 study40 terms Mfails2311 Related questionsQUESTION Demand for a product and the forecasting departments forecast (naïve model) for a product are shown below. Compute the mean squared error. 2 answers QUESTION What are the advantages of PCA? 15 answers QUESTION If we believe current consumption depends not only on the current income but on the past k incomes, we will use what type of model to represent this? 2 answers QUESTION If you don't know the value of p, then you can substitute the value of \hat{p}p^ to calculate the expected number of successes and failures, when checking that the sample size is large enough. 2 answers Are statistical techniques that use historical demand data to predict future demand?-time series methods: statistical techniques that use historical demand data to predict future demand.
What method below is the most common type of forecasting method for long term strategic planning process?The most common type of forecasting method for long-term strategic planning is based on quantitative modeling.
Is an up and down repetitive movement within a trend occurring periodically?A seasonal pattern is an up-and-down, repetitive movement within a trend occurring periodically . A seasonal pattern is an oscillating movement in demand that occurs periodically (in the short run) and is repetitive. Seasonality is often weather related.
What is the demand average that reacts strongly to recent changes?Exponential smoothing is an averaging method for forecasting that reacts more strongly to recent changes in demand. A linear regression model that relates demand to time is known as a linear trend line.
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Is a category of statistical techniques that uses historical data to predict future behavior?
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