Which of the following is true about forecasting errors? (Select all that apply) ✅ Tốt
Mẹo Hướng dẫn Which of the following is true about forecasting errors? (Select all that apply) Chi Tiết
Bùi Ngọc Phương Anh đang tìm kiếm từ khóa Which of the following is true about forecasting errors? (Select all that apply) được Cập Nhật vào lúc : 2022-12-14 07:20:11 . Với phương châm chia sẻ Bí quyết Hướng dẫn trong nội dung bài viết một cách Chi Tiết 2022. Nếu sau khi Read Post vẫn ko hiểu thì hoàn toàn có thể lại phản hồi ở cuối bài để Mình lý giải và hướng dẫn lại nha.Top management will be supportive of the forecasting function if the forecaster demonstrates: (select all that apply)
How much the competition has profited from having the forecasting function in place
Nội dung chính Show- Question TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleQuestion TitleWhich of the following is not true about forecasting?Which of the following statements is true about forecasting approaches quizlet?What causes errors in forecasting?What are the different errors in forecasting?
How much inventory will be reduced
How much customer service will improve
How much the quality of the products will improve
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* 2. To be an effective forecaster, you should:Know how to present and sell forecasts to end users
Know the algorithm of the most sophisticated forecasting models
Not make any compromise with your numbers
Make sure everyone in the organization recognizes you as a decision maker
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* 3. In presenting forecasts to upper management, the forecaster should:Give forecasts of all the SKUs by distribution centers and channels
Show how forecasts performed in the past
Show models used and why
Outline a procurement plan
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* 4. Before accepting forecasts, users should ask about:Data used
The assumptions made in preparing them
Past accuracy record
All of the above
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* 5. All statements are true except:Forecasting is a combination of art and science
The larger the variations in the data, the larger the error
Promoted products are easier to forecast than non-promoted ones
No forecasting process is perfect in picking up turning points
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* 6. For effective forecasting, the forecaster should do each of these except:Work with Sales and Marketing
Be confrontational if anyone tries to adjust his/her numbers
Avoid burning bridges and making enemies
Be of service to forecast users on an on-going basis
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* 7. You are responsible for forecasting the sales of a popular product that has volatile demand. Your bonus is based on forecast accuracy, but management has set unrealistically high accuracy goals. How do you maximize your bonus?I. Ask marketing people to reduce demand variability as much as they can
II. Tell management it is unachievable
III. Collaborate with your customers to get their Point of Sales (POS) data, forecasts, plans, and outstanding inventory
IV. Reduce demand to meet supply
I & IV
II & III
I & III
IV
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* 8. Which of the following does senior management want? (select all that apply)The company to be able to adapt to change
Early warning signals with enough time to respond
Reliable forecasts of each SKU
Reliable sales revenue, cost and profit projections
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* 9. When reporting forecasts, you should do everything except:Report forecasts in as much detail as needed by different functions
If a forecast deviates from the norm, explain
Use a standard format
Make sure they match with the budget
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* 10. All of the following are correct except:The forecaster should be able to defend why a particular model or procedure was used
Forecaster should try to understand the cause of an error
There is no need to discuss forecast errors because forecasting is an inexact science
The forecaster should be able to explain the assumptions made in preparing forecasts
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* 11. Upper management's greatest concern with respect to forecasts is:Which model was used in preparing forecasts
Whether or not adjustments were made for outliers
Which action plan is needed based on the forecasts to meet company objectives
How much data were used in preparing forecasts
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* 12. Forecasts will be well received by management if we:Give them along with their implications on the budget and bottom line profit
Remain focused on the technical issues surrounding forecasting
Give them errors in different metrics such as MPE (Mean Percent Error), MAPE (Mean Absolute Percent Error) and WMAPE (Weighted Mean Percent Error)
Give them along with spreadsheets of data used
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* 13. Since forecasters know a great giảm giá about the company and its business processes, they should:Make sure they influence top management decision making
Provide information to management that can aid them in making decisions
Challenge the decisions made by management during forecast presentations
All of the above
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* 14. When presenting forecasts to upper management make sure that you (select all that apply):Understand their needs
Understand their academic and business background
Understand their hobbies
Understand their knowledge about forecasting
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* 15. If management sets a goal for forecast accuracy, then:With sufficient investment and effort, it will be achieved
All efforts should be made to achieve that goal regardless of its cost and benefit
Review the historical data and the nature of demand to determine whether the goal is achievable
All efforts should be made to improve the accuracy of every product
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* 16. The forecaster should:Always accept the input of different functions, since they are experts in their area
Evaluate the input of different functions for reasonableness and potential bias
Prepare forecasts by consolidating judgmental forecasts from the key business functions
Make changes as directed by participating functions
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* 17. When presenting a forecast:It is the role of a forecaster to describe the reasons why the forecast makes sense
It is the role of a forecaster to describe the key supporting assumptions
It is the role of a forecaster to describe the expected error
All of the above
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* 18. The forecaster should not reveal:The error experienced in the past when presenting a forecast to management
The expected error when presenting a forecast to management
The key assumptions underpinning the forecast when presenting a forecast to management
None of the above
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* 19. The forecast presentation will be effective if forecasts are:Compared to reference points (benchmarks), plans, and/or budget, even if they are below them
Made to be the same as assumed in plans
Made to be the same as budget
Made to be the same as reference points (benchmarks) and/or business goals
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* 20. When presenting a forecast to upper management, which of the following should be included:Products that are more difficult to forecast, and why
Products that are easier to forecast, and why
Point and range forecasts
All of the above
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* 21. It is extremely difficult for a forecaster to get:Unbiased input from Production people if their bonus is based on customer service
Unbiased input from Salespeople if their bonus depends on the quota assigned to them
Unbiased forecasts from Marketing people if their advertising budget is tied to forecasts
All of the above
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* 22. In winning the confidence of management, the forecaster has to do everything except:Build trust with forecast users
Make sure that forecast users understand the algorithm used in preparing forecasts
Know how to handle questions, concerns, and objections
Follow up after the forecast presentation to see if they understand the numbers and are using them appropriately
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* 23. A forecast is a tool for management decision making. If the forecast does not match the goal, management should:Which of the following is not true about forecasting?
Answer: ans is d - short range forecast are less accurate than long range forecast.Which of the following statements is true about forecasting approaches quizlet?
Which of the following statements is true about forecasting approaches? -Associative models use explanatory variables to predict the future.What causes errors in forecasting?
At its most basic, forecast error is the difference between the forecast demand and the actual demand. A lot of calculations go into forecast error, but the bottom line is that the greater the difference between actual demand and forecast demand, the greater the impact on a distributor's bottom line.What are the different errors in forecasting?
We begin by overviewing the various types of error metrics: scale-dependent error, percentage error, relative error, and scale-không lấy phí error metrics. While some error is inevitable, there are ways to reduce it, and forecast metrics are necessary aids for monitoring and improving forecast accuracy. Tải thêm tài liệu liên quan đến nội dung bài viết Which of the following is true about forecasting errors? (Select all that apply)