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Understanding Business Forecasting 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. Jim's Solutions Inc has recently expanded into a new market after seeing extremely favorable results on his decision tree. What common mistake is likely to be at fault for this unexpectedly negative result?

Question 2 2. A payoff table considers:

Question 3 3. Which statement about strategic decision-making using a payoff table is TRUE?

Question 4 4. Both payoff tables and decision trees are used to calculate or predict the _____ of a particular event combination occurring.

Question 5 5. A business is contemplating an expansion. The company could build to the north, the east, or it could decide not to expand at all. North, east and no change are best characterized as:

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Question 6 6. Turtle Recovery has recognized an increase in turtles on the roadway. Each month the number of turtles recovered from being stranded on the roads has increased by 5%. The root cause has been linked to new construction in the lake region of the city. In March, the number of turtles rescued was 125. How many could the rescue team expect in May?

Question 7 7. Cracked Window Repair Company has realized an increase in sales over the past year during road construction on the interstate. The road construction is expected to end next month. However, it is time for Cracked Window to order replacement windows. It takes three months for the suppliers to ship new windows to Cracked Window. Which method of time series analysis is most appropriate for calculating the window order?

Question 8 8. Time series analysis is LEAST helpful in forecasting and predictive applications when the _____.

Question 9 9. If a charter jet for hire logged 20,000 miles in billable trips last month and 45,000 miles in billable trips this month, what is the monthly growth rate?

Question 10 10. Every year retailers plan on a vibrant holiday shopping season. What type of time series analysis is best used for these companies?

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Question 11 11. Which of these is not a type of quantitative forecasting?

Question 12 12. What is qualitative forecasting?

Question 13 13. What is quantitative forecasting?

Question 14 14. Which type of forecasting is especially suited to short-term events?

Question 15 15. What is forecasting?

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Question 16 16. Because it compiles data from several other indexes, the Consumer Price Index would be considered a/an _____ index.

Question 17 17. As a leading provider of mobile medical imaging, your company is considering the purchase of a new mobile MRI machine. The machine has a price tag of nearly $1 million, and it is expected to last approximately 20 years. Using a variety of indexes, you will want to calculate the _____ before making your purchase decisions.

Question 18 18. The most fundamental purpose of an index in business is to facilitate:

Question 19 19. Rachel is a portfolio manager for a major financial advising firm. She is currently advising a client with regard to the purchase of mortgage-backed securities. As she conducts research, Rachel references an index that looks at mortgage data for the last 10 years. Assume that the current year is 2019. What year would be considered the index's base year?

Question 20 20. A business in _____ is MOST likely to require a non-aggregated index when making projections.

Understanding Business Forecasting 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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