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Questions and Answers
Qualitative forecasts are based on numerical data.
False
Executive Opinions involve gathering forecasts from frontline employees.
False
Salesforce Opinions provide insights into future sales trends.
True
Consumer Surveys help businesses understand potential changes in supply chain.
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The Delphi Method involves collecting opinions anonymously and not re-evaluating them.
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Associative forecasting techniques focus on predicting the future based on unrelated variables.
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Simple Linear Regression looks at the relationship between three variables.
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A smaller Standard Error of Estimate means our predictions are further from the actual values.
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Monitoring Forecast Error involves comparing predicted values with actual values to assess accuracy.
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Cost and accuracy are the two least important factors to consider when choosing a forecasting technique.
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Trend Equations help analyze if things are changing over time.
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Exponential Smoothing gives more weight to older data over recent data.
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