Consumer market survey

Question 1

Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent). What are the forecast sales for the next day using a three-day weighted moving average where the weights are 3, 1, and 1 (the highest weight is for the most recent number)?

Question 1 options:

13.0

70.0

14.0

12.8

None of the above

Question 2

A seasonal index of __________ indicates that the season is average.

Question 2 options:

100

1

0.5

0

10

Question 3

Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints?

Question 3 options:

Optimizer

Analysis Tool-Pak

Solver

Algorithm Builder

Goal Seek

Question 4

Which of the following is not classified as a qualitative forecasting model?

Question 4 options:

Exponential smoothing

Delphi method

Consumer market survey

Sales force composite

Jury of executive opinion

Question 5

A plant manager is considering buying additional stamping machines to accommodate increasing demand. The alternatives are to buy 1 machine, 2 machines, or 3 machines. The profits realized under each alternative are a function of whether their bid for a recent defense contract is accepted or not. The payoff table below illustrates the profits realized (in $000’s) based on the different scenarios faced by the manager.

Alternative Bid Accepted Bid Rejected

Buy 1 machine $10 $5

Buy 2 machines $30 $4

Buy 3 machines $40 $2

Using the information above, which alternative should be chosen based on the maximin criterion?

Question 5 options:

Buy 2 machines

Buy 3 machines

Buy 1 machine