13 Aug In a weighted moving average (WMA) method, more recent values are given less weight in computing a

In a weighted moving average (WMA) method, more recent values are given less weight in computing a forecast.

Question 1 options:

True

False

Question 2 (1 point)

The MAXIMIN approach involves choosing the alternatives that has the “best worst” payoff.

Question 2 options:

True

False

Question 3 (1 point)

Forecast accuracy increases as time horizon gets longer.

Question 3 options:

True

False

Question 4 (1 point)

The options from which a decision maker chooses a course of action are called the decision alternatives.

Question 4 options:

True

False

Question 5 (1 point)

Decision making under uncertainty is used when one has information about the probability of the various state of nature occurring.

Question 5 options:

True

False

Question 6 (1 point)

Which of these is NOT an element of time series data?

Question 6 options:

Cyclical variations

Seasonality

Trend

Data perfection

Question 7 (1 point)

If the demand for cars was 106 January, 120 in February, 134 in March, and 142 in April. What is the 3-month moving average for May?

Question 7 options:

142

136

132

138

Question 8 (1 point)

The cumulative (total) forecast error is important for determining the:

Question 8 options:

Mean square error

Mean absolute deviation (MAD)

Correlation coefficient

None of the above

Question 9 (1 point)

In a decision making process, “state of nature” are:

Question 9 options:

beyond control factors discovered after a decision.

factors that the decision maker must consider.

non-business factors in a decision making environment.

all of the above.

Question 10 (1 point)

Time series data where general upward or downward movement can be observed (or is present) in the data are called:

Question 10 options:

Seasonality

Trend

Cycles

Random variation

Question 11 (1 point)

The Expected Monetary Value (EMV) maximum criterion is a feature of which of the following:

Question 11 options:

Decision making under uncertainty

Decision making under risk