Show  It is necessary to monitor forecast errors to check for nonrandom patterns in forecast errors. Forecasts for groups of items tend to be more accurate than forecasts for individual items. Quantitative forecasting techniques are generally superior to qualitative forecasting techniques. Due to randomness, forecasts cannot be expected to be completely accurate. Error measures such as MAD and MSE should not be used with a naïve forecast. It is reasonable to expect that about half of the errors of a good forecast will be positive, and half negative. A tracking signal can be useful in detecting bias in forecast errors. Forecast accuracy generally increases as the forecast horizon increases because shorter time horizons tend to be more influenced by random variations. Naïve forecasts can be classified as subjective forecasts. Forecasts based on consumer surveys are classified as quantitative because they use numerical data. If the sum of forecast errors for a series of forecasts is zero, that implies excellent forecasting. MAD is used in computing values of a tracking signal. When sales in a particular time period are above average for the year, a seasonal relative that is less than 1.00 is used to bring that period's sales into line. The SA method for computing seasonal relatives should not be used if seasonal variations are large relative the slope of the data. Which exponential smoothing factor would produce the most smoothing? Averaging techniques are useful for: Which one of the following is a qualitative forecasting technique? Which approach to forecasting uses a series of questionnaires? Which term is most closely associated with simple exponential smoothing? Which is not a typical approach for improving forecasts? Which would not generally be considered as a feature common to all forecasts? If an analyst wants to make a moving average more responsive to change, the analyst should Which phrase or term does not relate to the Delphi method of forecasting? What is the MAD for this set of data? –1 +3 0 –2 +3 What is the MSE for this set of data? –1 +3 0 –2 +3 Which term is most closely associated with a tracking signal? Which one would be considered a reason for using a salesforce composite forecast? Which of the following is not true about forecasting?Answer: ans is d - short range forecast are less accurate than long range forecast.
Which of the following statements is true about forecasting approaches quizlet?Which of the following statements is true about forecasting approaches? -Associative models use explanatory variables to predict the future.
Which of the following is a possible source of a forecast error?Which of the following are possible sources of forecast errors? -Irregular variations. -Incorrect forecasting method or interpretation. -Random variation.
What is the definition of a forecast error quizlet?What is the definition of a forecast error? The difference between the forecast and the actual outcome.
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Which of the following is true about forecasting errors? (Select all that apply)
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