OSCM 373 Forecasting Exercise
associative forecasting - correct answer ✔✔predicts forecast based on a related variable which is also
called an independent variable. The variable for which the forecasting ids done is called the dependent
variable
Associative models - correct answer ✔✔- multiple regression
- explanatory variables
time series forecasting - correct answer ✔✔uses the pattern or trend or seasonality of the past data to
make the forecast for future
time series models - correct answer ✔✔- exponential smoothing
- seasonal relatives
- moving average
Qualitative forecasting - correct answer ✔✔based on the opinion of experts instead of numerical data
Qualitative models - correct answer ✔✔- delphi method
- panel of experts
- subjective
all forecasting techniques are - correct answer ✔✔imperfect because they cannot be considered as
accurate and perfect in predicting the suture values
A national home builder creating a forecast of house sales based on an equation based on several
predictor variables including unemployment, inflation, mortgage rates, and stock market performance is
using which of the following? - correct answer ✔✔associative forecasting
