2. medium-range forecast

3. long-range forecast

2. technological

3. demand

2. human resources

3. capacity

2. select the items to be forecasted

3. determine the time horizon of the forecast

4. select the forecasting model

5. gather the date needed to make the forecast

6. make the forecast

7. validate and implement the results

naive approach

moving averages

linear regression

exponential smoothing

A. Forecasting is exclusively an objective prediction.

B. Forecasting is the art and science of predicting future events.

C. Forecasting may involve taking historical data and projecting them into the future with a mathematical model.

D. A forecast is usually classified by the future time horizon that it covers.

A. a technological forecast.

B.a demand forecast.

C. an economic forecast.

D. an environmental forecast.

A. an environmental forecast.

B. a demand forecast.

C. an economic forecast.

D. a technological forecast.

A. When excess capacity? exists, cost can decrease.

B. When capacity is? inadequate, customers can be lost.

C When capacity is? inadequate, market share can shrink.

D. When excess capacity? exists, cost can increase.

A. Determine the use of the forecast.

B. Select the items to be forecasted.

C. Select the forecast? model(s).

D. Determine the time horizon of the forecast.

A.Select the forecast? model(s).

B.Validate and implement the results.

C Gather the data needed to make the forecast.

D. Make the forecast.

A. Outside factors that we cannot predict or control often impact the forecast.

B. Product family forecast are less accurate than individual product forecasts.

C. After automating their predictions using computerized forecasting? software, firms closely monitor only the product items whose demand is stable.

D. Most forecasting techniques assume there is no underlying stability in the system.

A. Select the forecasting? model(s).

B. Make the forecast.

C. Select the items to be forecasted.

D. Gather the data.

A. market survey

B. sales force composite

C. jury of executive opinion

D. exponential smoothing

A. linear regression

B. naive approach

C. trend projection

D. Delphi method

A. market survey

B. jury of executive opinion

C. Delphi method

D. sales force composite

A. naive approach

B. moving averages

C. linear regression

D. exponential smoothing

A. Detailed forecasts of demand are not needed.

B. Demand patterns are often different from those in? non-service sectors.

C. Hourly demand forecasts may be necessary.

D. Forecasting in the service sector presents some unusual challenges.