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Introduction to forecasting Flashcards | StudBud
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Introduction to forecasting
Introduction to forecasting
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Flashcards
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Questions
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Answers
1
What is one of the benefits of forecasting in supply chains and operations related to risk management?
Strengthening customer relationships
Identifying potential risks and uncertainties
Preventing overstocking or stockouts
Gaining market competitiveness
2
Which of the following correctly describes the difference between demand forecasting (DF) and demand management (DM)?
DF predicts future demand, while DM influences demand.
DM analyse past demand patterns while DF adjusts inventory levels.
DM is part of DF, which involves managing customer orders and sales data.
DF optimises inventory while DM streamlines productions & SC processes.
3
forecasting is?
Decision
Occurrence
Exact
Prediction
4
Forecasting is always accurate?
False
True
5
Which forecasting provides a prediction of short- and long-term prices, along with the underlying trends?
Economic forecasting
Supply forecasting
Price forecasting
Demand forecasting
6
What role does forecasting play in supporting the successful launch of new products?
Strengthening customer relationships
Estimating market acceptance and demand
Evaluating financial performance
Streamlining production and supply chain
7
How does forecasting in supply chains and operations contribute to optimal resource allocation?
Supporting long-term planning
Streamlining production and supply chain
Enhancing inventory management
Providing insights into future trends
8
Independent demand refers to finished products, dependent demand refers to component parts required for production.
True
False
9
Artificial intelligence (AI) has improved forecasting accuracy by?
90%
50%
70%
85%
10
Which statement describes the conflicts of interest that may arise between departments regarding demand forecasting?
HR and production disagree on workforce requirements.
Marketing prioritises high sales projections while operations avoid excess.
Finance favours accuracy while the SC favours inventory optimisation
Marketing & research and development conflict over long-term perspectives.
