What is the difference between dependent and independent demand?
Examine Exhibit 15.4 and suggest which model you might use for ( a ) bathing suit demand, ( b ) demand for new houses, ( c ) electrical power usage, ( d ) new plant expansion plans.
What is the logic in the least squares method of linear regression analysis?
Explain the procedure to create a forecast using the decomposition method of least squares regression.
Give some very simple rules you might use to manage demand for a firm's product. (An example is "limited to stock on hand.")
What strategies are used by supermarkets, airlines, hospitals, banks, and cereal manufacturers to influence demand?
All forecasting methods using exponential smoothing, adaptive smoothing, and exponential smoothing including trend require starting values to get the equations going. How would you select the starting value for, say, Ft−1?
From the choice of simple moving average, weighted moving average, exponential smoothing, and linear regression analysis, which forecasting technique would you consider the most accurate? Why?
Give some examples that have a multiplicative seasonal trend relationship.
What is the main disadvantage of daily forecasting using regression analysis?
What are the main problems with using adaptive exponential smoothing in forecasting?
How is a seasonal index computed from a regression line analysis?
Discuss the basic differences between the mean absolute deviation and the standard deviation.
What implications do forecast errors have for the search for ultrasophisticated statistical forecasting models?
What are the strongest selling points of focused forecasting?
Causal relationships are potentially useful for which component of a time series?
