OPSMGT 255 Wk3: Forecasting

The two general approches to forecasting are

Which forecasting technique concentrates on individual's opinions for future outcomes rather than statistics?

Which forecasting technique is comprised of individuals from different departments who possess diverse knowledge and experience to predict sales?

Which method prevents social pressure and group thinking?

Before undertaking quantitative forecasting, what should you always do?

Which of the following is NOT a time-series forecasting technique?

Which word best describes the pattern shown in this graph?

Which option best describes the pattern in this graph?

Compute the simple 3-week moving average forecast for week 6

Compute the weighted moving average forecast for week 6, using the weights 0.5, 0.2, 0.3 (where 0.5 is for the most recent period).

Given an actual demand of 100, a previous forecast of 90, and an α of 0.3. Compute the forecast for the next period (week 2) using simple exponential smoothing, with α = 0.3.

Which of the following is a technique for assessing forecast accuracy? (2 possible correct answers)

What is the main advantage of using adjusted exponential smoothing over simple exponential smoothing?