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
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