Engineering Management ENG215 Forecasting Techniques Quiz

Exponential smoothing requires a waiting period before reliable forecasts can be calculated.

In exponential smoothing, the values of the weights increase with time.

Regression Analysis always gives the exact fit for a line passing through the data.

In Multiple Regression, there is only one independent variable.

Moving Average requires retaining only two figures for any forecast.

Decision Making is the process of choosing between rational alternatives to maximize benefits and minimize costs.

Exponential Smoothing requires waiting period before reliable forecasts can be calculated.

Exponential Smoothing uses the same data assumptions as Moving Average.

In Exponential Smoothing, the forecast for the current period is calculated by adding a proportion of the error made in the last forecast to the forecast for the last period.

Regression Analysis tries to minimize the sum of the cubes of the deviations.

Regression Analysis is considered an Exploratory Forecasting Method.

Only two figures are required for any forecast in Exponential Smoothing: smoothing constant and current actual value.

Exponential smoothing is one of the types of quantitative forecasting methods.

Moving Average is a regression analysis technique used in forecasting planning.

Regression Analysis formula to calculate 'a' is a = y - bx.

Forecasting Planning involves making decisions about what to do, how to do it, when to do it, and who should do it.

Quantitative Forecasting Methods include Linear Programming and Game Theory.

Integrated Data Bases, MIS, DSS, and Expert Systems are part of Decision Making Under Uncertainty.