Which of the Following Statements About Forecasting Is True

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A time-series forecasting refers to a process of analyzing time series data through statistics in other to. Are the following statements true or false.

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D Trend extrapolation is the easiest method of sales forecasting.

. They can be summarized in. Ratio analysis is not helpful in identifying weak spots of the business. A model with small residuals will give good forecasts.

Casual methods are used when historical data are available and the relationship between the factor to be forecast and other external and internal factors cannot be identified. Choose all that apply. A Highly sophisticated quantitative approaches to forecasting still require interpretation.

4 Which of the following statements about the percent-of-sales method of financial forecasting is true. But if we want exact data then it can be wrong. Judgment methods are particularly appropriate for situations in which historical.

It makes extensive use of the data collected in the qualitative approach. They are on the same scale as the orginal data. Which of the following statements are true about time-series forecasting.

Good forecast methods should have normally distributed residuals. Time series analysis is based on the idea that the history of occurrences over time can be used to predict the future. The true statement about time-series forecasting is that it is a analysis of past demand that helps predict future demand.

D Forecasting is an effective and efficient substitute for planning. Which of the following statements about time-series forecasting is true. The best measure of forecast accuracy is MAPE.

They represent a mistake in the forecasting process. 76 Which one of the following statements is TRUE. B With the lost-horse forecast former customers are asked if they are likely to buy the product again.

O Linear Regression for Seasonality without Trend method is appropriate for data with a seasonal pattern only. Which of the following statements is true of forecasting errors. B Judgment methods are particularly appropriate for situations in which historical data are lacking.

A It is the least commonly used method of financial forecasting. Check all that apply. A It is always based on the assumption that future demand will be the same as past demand.

A The five basic patterns of demand are the horizontal trend seasonal cyclical and the subjective judgment of forecasters. Which of the following statements about time-series forecasting is true. B Forecasts are always subject to error and should be treated with caution.

If your model doesnt forecast well you should make it more complicated. Time series analysis tries to understand the system. It is based on the assumption that future demand will be the same as past demand.

Which of the following statements is true about forecasting approaches-Associative models use explanatory variables to predict the future-Quantitative forecasts are always preferable to qualitative forecasts because the former deals with hard data-Qualitative forecasts allow personal opinions to be included in the forecast. D The forecast has a positive bias and a positive standard deviation of errors. They are the difference between an observed value and its forecast.

E Forecasting is a planning tool. Ratio analysis is helpful in financial planning and forecasting. It is important to first determine the purpose of the forecast.

Which one of the following statements about forecasting is true. The forecast may not perform as desired so it is necessary to monitor the process. Which of the following statements are true about time-seriesforecasting.

Time series analysis is based on the idea that thehistory of occurrences over time can be used to predict the futureb. B The forecast has a positive bias and a standard deviation of errors equal to zero. They are calculated on the training set.

C Forecasting always relies on human judgement. B It is a much more precise method of financial forecasting than a cash budget would be. Which one of the following statements about forecasting is TRUE.

C A lost-horse survey is more expensive to conduct than a survey of buyers intentions. A The most expensive forms of sales forecasting are trend extrapolation and a survey of experts. 796 students attemted this question.

Ratio analysis is helpful in communication and coordination. B It makes extensive use of the data collected in the qualitative approach. O You choosè a small value for k when using the Simple Moving Average method of order k to track movement in the most recent data.

Ratio analysis is useful in financial analysis. To say Forecast are usually wrong is incorrect as Forecasting involve estimating the future event which may deviate from actual result slightly but can give a good approximation to judge the future event. Which of the following statements about time-series forecasting methods is TRUE.

Which of the following statements about time-series forecasting is true. Which of the following statements are true about Ratio analysis. Which of the following statements about the steps in the forecasting process are true.

C Casual methods are used when historical data are available and the relationship. C The forecast has no bias and has a standard deviation of errors equal to zero. Also Forecasting can be Qualitative therefore it might not involve numbers.

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