Practice 10 questions on DD3OPMT - Diploma in Operations Management at Cape Peninsula University of Technology. Free AI-generated quiz on uNotes — track your score, retake anytime.
What does the acronym MAD stand for in the context of measuring forecast accuracy?
2Based on the provided tutorial data, if the average daily demand for a week is 69.71 and the average demand specifically for Friday is 93.75, what is the seasonal index for Friday?
3Using the exponential smoothing formula, if the previous forecast was 500 units, the actual demand was 450 units, and the smoothing constant (alpha) is 0.1, what is the new forecast?
4In a 3-period moving average calculation, the forecast for Week 5 would be the average of the sales from which weeks?
5Which forecasting error metric is calculated by squaring the differences between actual and forecasted values and then finding the average?
6In the least squares trend line equation y = a + bx, what does the variable 'b' represent?
7When comparing two forecasting models, which model is generally considered more accurate?
8For a 3-period weighted moving average using weights 1, 2, and 3, which weight should be applied to the most recent period's data to give it the most influence?
9If the average quarterly sales for educational software is 2000 units and the actual average sales for Quarter 3 across three years is 2820 units, what is the seasonal factor for Quarter 3?
10In trend projection, if the equation is y = 48.32 + 2.10x, what is the forecast for the next period if the last period was x = 12?
