Intro to Forecasting

Question 1

Data-based forecasting procedures

Answer 1

1. Regression Analysis 2. Decomposition 3. Smoothing 4. Autoregressive Moving Average

Question 2

Long-term Forecasts

Answer 2

Setting the general course of an organization in the long-run; Top management is particularly focused on these.

Question 3

Short-term Forecasts

Answer 3

Needed to design immediate strategies to meet the needs of the immediate future.

Question 4

Micro Forecast Example

Answer 4

Plant manger interested in forecasting the number the number of workers needed in the next several months.

Question 5

Macro Forecast Example

Answer 5

Federal government forecasting the total number of people employed in the entire country.

Question 6

Point Forecast

Answer 6

Single number, Best guess forecast.

Question 7

Interval Forecast

Answer 7

Range of numbers within which the future value is expected to fall.

Question 8

Density Forecast

Answer 8

Entire probability distribution for the future value.

Question 9

True or False

Quantitative forecasting techniques rely more on manipulation of historical data.

Answer 9

True

{Extra info about quantitative forecasting techniques goes here}

Question 10

True or False

Qualitiative forecasting techniques rely on human judgement and intuition.

Answer 10

True

{Extra info about qualititative forecasting techniques goes here}