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Quantitative analysis questions

What do you know about regression analysis?
What is regression analysis good for?


Forecasting Components

1-A trend is a gradual, long-term, up or down movement of demand.

2-A cycle is an up-and-down repetitive movement in demand.

3-A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.

4-Time series is a category of statistical techniques that uses historical data to predict future behavior.

5-Regression methods attempt to develop a mathematical relationship between the item being forecast and factors that cause it to behave the way it does.

6-Technological forecasting has become increasingly crucial to compete in the modern international business environment.

7-Moving averages are good for stable demand with no pronounced behavioral patterns.

Fill In The Blanks

8- While the moving average method uses equal weights for each observation, __________________ method assigns different weights to each observation to reflect more recent fluctuations in the data and seasonal effects.

9- In using simple exponential smoothing the _____________ is to one, the greater the reaction of the forecast to the most recent demand.

10-The _______________ movements or variations in demand exhibit no pattern and occur on a random basis.

11-Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame:
Period Demand
1 200
2 245
3 190
4 270
5 280
6 300
Compute a 3-period moving average for period 4.

12. The following data summarizes the historical demand for a product

Month Actual demand
March 20
April 25
May 40
June 35
July 30
August 45

Use a four period moving average and determine the forecasted demand for July and August.

13-The following data summarizes the historical demand for a product

Month Actual demand
March 20
April 25
May 40
June 35
July 30
August 45

Use exponential smoothing with and the smoothed forecast for July is 32 and determine August and September's smoothed forecasts.

14-he following sales data are available for 1998-2003 inclusive:
Year Sales
1998 7
1999 12
2000 14
2001 20
2002 16
2003 25
Determine a 4-year moving average forecast for each possible year.

15-Robert has the following accounts on money spent on gambling and winnings:
Money spent Money won
1000 2500
1200 4000
11800 4500
2000 4600
2500 5000
2800 4800
3500 5600
4000 6000
4200 5800
7000 X
Using linear regression, predict x.

16-An example of forecasting is
a. meteorologists predicting the weather
b. sportscasters predicting the winner of a football game
c. managers attempting to predict how much of their product will be demanded in the future
d. all of the above

17-Managers use _______________ in forecasting.
a. judgment
b. opinion
c. past experience
d. all of the above

18-___________ methods are the most common type of forecasting method for the long-term strategic planning process.
a. Regression
b. Qualitative
c. Time series
d. all of the above

19-Types of forecasting methods are
a. time series
b. regression
c. quantitative
d. a and b

20-_____________ is a procedure for acquiring informed judgments and opinions from knowledgeable individuals using a series of questionnaires to develop a consensus forecast about what will occur in the future.
a. Delphi method
b. Quantitative method
c. Regression
d. Time series

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Solution Summary

This posting contains answers to following questions on quantitative methods: