Which of the following statements about forecasts is true?
forecasts for the near term tend to be more accurate
One qualitative forecasting method bases the forecast for a new product or service on the actual sales history of a similar product or service. An example is forecasting demand for the newest model of iPod by using the demand history from the previous model of iPod. This method is
life cycle analogy
A qualitative forecasting method which brings experts together to jointly discuss and develop forecasts is
panel consensus forecasting
Which of the following statements about forecasts is true?
forecasts for groups of products tend to be more accurate
Long-term movement of demand up or down in a time series is
a trend
Structured questionnaires submitted to potential customers, often to gauge potential demand, are
market surveys
"A set of business processes, backed up by information technology, in which supply chain partners agree to mutual business objectives and measures, develop joint sales and operational plans, and collaborate to generate and update sales forecasts and replenishment plans" is the definition of
collaborative planning, forecasting, and replenishment (CPFR)
The situation is vague and little data exists, as in the case of new products or technologies. In this case, which of the following forecasting approachs is used?
qualitative method
"An estimate of the future value of some variable" is the definition of
a forecast
Which of the following statements about forecasts is true?
forecasts are no substitute for calculated values
Unpredictable movement of demand from one period to the next in a time series is
randomness
Collaborative planning, forecasting, and replenishment systems perform many necessary supply chain processes. Which of the following typically does NOT fall under the scope of a CPFR system?
development of a layout and process choice
Which of the following statements about forecasts is true?
forecasts are almost always wrong
A qualitative forecasting method which utilizes individuals familiar with specific market segments, has them estimate the demand within these segments, and adds the forecasts together to get an overall forecast is
build-up forecasting
A qualitative forecasting method which utilizes structured questionnaires submitted to potential customers soliciting opinions about potential products to estimate likely demand is
market surveys
One qualitative forecasting method uses experts working individually. The individual forecasts are shared among the group, after which each participant is allowed to modify his or her forecast based on the shared information. This method is
Delphi
Refrigerant R-12 was to be phased out as manufacturers switched systems to the environmentally friendly but more expensive GHG. Refrigeration repairmen consulted their forecasting models and unanimously concluded that they should stockpile R-12 while it was still affordable.These forecasting models could be classified as
price forecasts
The situation is stable and historical data exists, as in the case of mature products or technologies. In this case, which of the following forecasting approachs isused?
quantitative method