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Forecasting Techniques in Business Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. An EVPI allows decision-makers to know:

Question 2 2. The weighted sum of a decision alternative is its:

Question 3 3. To calculate EVPI, you should add up the _____ for each state of nature, and then subtract it from the best possible _____.

Question 4 4. An event that impacts a company's profitability, but over which the company has no control is a(n):

Question 5 5. The best financial situation for a specific state of nature is called the:

Page 2

Question 6 6. What is the main reason companies use budgets?

Question 7 7. What is quantitative forecasting?

Question 8 8. What is qualitative forecasting?

Question 9 9. What is forecasting?

Question 10 10. How often do most companies use forecasting?

Page 3

Question 11 11. An 80% learning curve is the same as which of the following?

Question 12 12. Which of the following shows the learning curve formula?

Question 13 13. What is a learning curve?

Question 14 14. A company is producing a new product. How many attempts would it take to get the cost of production down to less than half of the original amount if there is an 80% learning curve?

Question 15 15. If the cost to produce the first car is $10,000 and there is a 5% rate of reduction, what is the average cost after producing four cars?

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Question 16 16. What does the term 'correlation' mean as a part of regression analysis in business?

Question 17 17. Which of the following letters represents the DEPENDENT variable in a regression equation used as part of regression analysis in business?

Question 18 18. What definition best defines regression analysis as it is used in business?

Question 19 19. Which of the following is NOT a business-related question regression analysis could help answer?

Question 20 20. What does the term 'inverse correlation' mean as a part of regression analysis in business?

Forecasting Techniques in Business Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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