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Forecasting Methods

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Questions and Answers

What is the primary purpose of quantitative forecasting?

To identify potential demand and market forces

To use past sales data to predict future demand (correct)

To make predictions based on expert opinions

To minimize the cost of ordering and holding stock

What is the main advantage of having a comprehensive ERP solution?

It provides visibility into all data that impacts forecasts (correct)

It is a method used to make purchasing decisions

It helps to minimize the cost of ordering and holding stock

It helps to identify potential demand and market forces

What is the goal of Economic Order Quantity (EOQ) calculation?

To minimize the cost of ordering and holding stock (correct)

To identify potential demand and market forces

To maximize the cost of ordering and holding stock

To determine the most profitable number of units to order

What is the main difference between qualitative and quantitative forecasting?

Qualitative forecasting relies on expert opinions, while quantitative forecasting uses historical data Signup and view all the answers

What is the purpose of Safety Stock?

To hold extra inventory in case of unexpected demand Signup and view all the answers

What happens to the cost of ordering an inventory when ordering in bulk?

It increases Signup and view all the answers

What is the term for extra stock held above the desired inventory level?

Buffer Stock Signup and view all the answers

Which of the following is NOT a type of inventory carrying cost?

Marketing Cost Signup and view all the answers

What is the primary reason companies hold buffer stock?

To mitigate against stockouts or overstocking Signup and view all the answers

What happens to products that reach the end of their lifecycle?

They are written-off and disposed of Signup and view all the answers

What is the term for the return the company could make on the money tied up in inventory?

Opportunity Cost Signup and view all the answers

What can companies do to minimize obsolete inventory?

Offload stock while it still has some value Signup and view all the answers