1. Which forecasting approach is best given a long time horizon and limited data?

a. Relational

b. Time Series

c. Judgmental

d. Moving Average

2. Which decision tree node is used to characterize payoffs?

a. Chance

b. Decision

c. Terminal

d. Normal

3. Which one best describes a forecasting error?

a. Difference between the actual and forecasted value

b. Differences between various model forecasts

c. Average between the actual and forecasted value

d. Minimum distance

4. What is the primary purpose behind the moving average?

a. Normalize the data

b. Condense the data

c. Smooth out the data

d. Organize the data

5. Which forecasting method is best when the time series has no significant trend, cyclical, or seasonal effects?

a. Smoothing with trend

b. Eyeballing

c. Moving average

d. Regression

6. Which DSS is particularly useful for applications involving demand uncertainty?

a. Break-even analysis

b. Moving average analysis

c. Decision tree analysis

d. NPV analysis

7. What is the productivity index if it takes 100 hours to make 2000 units?

a. 20

b. 0.05

c. None of the others

d. 100

8. What volume results in revenue equaling total costs in BE analysis?

a. Cost overrun point

b. Marginal costs point

c. Break-even point

d. Normalized point

9. What does a p-value of 0.7 suggest in regression modeling?

a. Predictor variable is normal

b. Predictor variable is binary

c. Predictor variable is significant

d. Predictor variable is not significant

10. Which is the first forecasted month based on a four month moving average starting in February?

a. July

b. April

c. June

d. May

11. Which DSS provides a graphical visual representation of the decision problem?

a. Normal tables

b. Payoff tables

c. Beta tables

d. Decision trees

12. Which one of the following is NOT a standard time series model?

a. Moving average

b. Regression

c. Judgmental

d. Exponential smoothing

13. What is the seasonal index for the 4th quarter if the seasonal indices for the 1st three quarters are 0.7, 0.8, 0.9?

a. Greater than one

b. Less than one

c. Equal to one

d. None of the others

14. What is the most recent weight in a three period weighted moving average?

a. 3/6

b. 1/3

c. 2/3

d. 1/6

15. How is productivity defined?

a. None of the others

b. Output/Input

c. Input/Output

d. Output - Input

16. Which forecasting model is based on the arithmetic mean of the observations?

a. Delphi

b. Decomposition

c. Regression

d. Moving averages

17. Which one best characterizes the traditional association between new housing starts and interest rates?

a. Positively related

b. No relationship

c. Directly related

d. Inversely related

18. Which model is most closely associated with predictive analytics?

a. Decision trees

b. Regression

c. NPV

d. Payoff tables

19. Which one of the following is a standard time series component?

a. All of the others

b. Seasonal

c. Trend

d. Cyclic

20. Which forecasting technique is based primarily on projecting past behavior into the future?

a. Time Series

b. Judgmental

c. Regression

d. Time Horizon