Question 1. Which of the following is not one of the basic types of forecasting?
Qualitative
Time series analysis
Causal relationships
Simulation
Force field analysis
Question 2. In most cases, demand for products or services can be broken into several components. Which of the following is considered a component of demand?
Cyclical elements
Future demand
Past demand
Inconsistent demand
Level demand
Question 3. Which of the following forecasting methodologies is considered a causal forecasting technique?
Exponential smoothing
Weighted moving average
Linear regression
Historical analogy
Market research
Question 4. Which of the following forecasting methods is very dependent on selection of the right individuals who will judgmentally be used to actually generate the forecast?
Time series analysis
Simple moving average
Weighted moving average
Delphi method
Panel consensus
Question 5. In business forecasting, what is usually considered a long-term time period?
Three months or longer
Six months or longer
One year or longer
Two years or longer
Ten years or longer
Question 6. Which of the following forecasting methods can be used for short-term forecasting?
Simple exponential smoothing
Delphi technique
Market research
Hoskins-Hamilton smoothing
Serial regression
Question 7. Capacity planning that involves hiring, layoffs, some new tooling, minor equipment purchases, and subcontracting is considered which one of the following planning horizons?
Intermediate range
Long range
Short range
Current
Upcoming
Question 8. If the best operating level of a piece of equipment is at a rate of 400 units per hour and the actual output during an hour is 300 units, which of the following is the capacity cushion?
25%
100 units per hour
75%
125%
133%
Question 9. The way to build greater flexibility in your workers is to do which of the following?
Pay higher wages to motivate a willingness to do a variety to tasks
Provide a broader range of training
Provide a wide variety of technology to augment workers skills
Institute a "pay for skills" program
Use part-time employees with specialized skills as needed
Question 10. At a decision point in a decision tree, which machine would you select when trying to maximize payoff when the anticipated benefit of selecting machine A is $45,000 with a probability of 90%, the expected benefit of selecting machine B is $80,000 with a probability of 50%, and the expected benefit of selecting machine C is $60,000 with a probability of 75%?
Machine A
Machine B
Machine C
You would be indifferent between machines A and C.
You would be indifferent between machines A and B.