Sample Test
MGS 3100 - Business Analysis - Summer 2013 Sample Test
(Test 2, July 10th, 2013)
Name: _______________________________ ID number: _____________________
Multiple Choice: Select the one correct (or best) answer. For questions with calculations, select the closest answer, as there may be differences due to rounding. No part credit. No penalty for guessing (so answer all questions!). 3 points for each. Transfer answers carefully to the Scantron. *Cell phone is required to be off during the test. A basic calculator is allowed.
1. Use a 3-period simple moving average to develop a forecast for year 6. Year 2 3 4 5 6 a. b. c. d. e. $415 $445 $525 $605 $625 Sales $450 $495 $518 $563 $584 Forecast
2. Data collected on the annual demand for 50-pound bags of fertilizer at Pikes Garden Supply is shown below. Use a 3-year weighted moving average to forecast sales for year 6, where the weights are 0.5, 0.3, and 0.2, respectively (where 0.5 is the weight for the most recent time period). Year Demand for Fertilizer (50-pound bags) 4 6 10 8 6 Forecast
1 2 3 4 5 6 a. b. 200 pounds 250 pounds
1
c. d. e.
370 pounds 430 pounds 490 pounds
3. If the MAD for a forecast is 3.2, we can say that a. The forecast is 3.2 units too high on the average b. The forecast is 3.2 units too low on the average c. The forecast is accurate within plus or minus 3 percent d. The forecast is accurate within plus or minus 3.2 units e. The forecast is accurate within plus or minus 10.24 units 4. For a certain set of data, forecasts were done using a moving average. The MAD is 4.00. If you also know that every single error term is negative, which of the following can you say with certainty? a. b. c. d. e. The BIAS will be -4.00 The BIAS will be 4.00 The BIAS will be greater than 4.00 The BIAS will be less than -4.00. Nothing can be concluded about the BIAS
5. In regression analysis, the _____________ tells you how much the dependent variable will increase when the independent
(Test 2, July 10th, 2013)
Name: _______________________________ ID number: _____________________
Multiple Choice: Select the one correct (or best) answer. For questions with calculations, select the closest answer, as there may be differences due to rounding. No part credit. No penalty for guessing (so answer all questions!). 3 points for each. Transfer answers carefully to the Scantron. *Cell phone is required to be off during the test. A basic calculator is allowed.
1. Use a 3-period simple moving average to develop a forecast for year 6. Year 2 3 4 5 6 a. b. c. d. e. $415 $445 $525 $605 $625 Sales $450 $495 $518 $563 $584 Forecast
2. Data collected on the annual demand for 50-pound bags of fertilizer at Pikes Garden Supply is shown below. Use a 3-year weighted moving average to forecast sales for year 6, where the weights are 0.5, 0.3, and 0.2, respectively (where 0.5 is the weight for the most recent time period). Year Demand for Fertilizer (50-pound bags) 4 6 10 8 6 Forecast
1 2 3 4 5 6 a. b. 200 pounds 250 pounds
1
c. d. e.
370 pounds 430 pounds 490 pounds
3. If the MAD for a forecast is 3.2, we can say that a. The forecast is 3.2 units too high on the average b. The forecast is 3.2 units too low on the average c. The forecast is accurate within plus or minus 3 percent d. The forecast is accurate within plus or minus 3.2 units e. The forecast is accurate within plus or minus 10.24 units 4. For a certain set of data, forecasts were done using a moving average. The MAD is 4.00. If you also know that every single error term is negative, which of the following can you say with certainty? a. b. c. d. e. The BIAS will be -4.00 The BIAS will be 4.00 The BIAS will be greater than 4.00 The BIAS will be less than -4.00. Nothing can be concluded about the BIAS
5. In regression analysis, the _____________ tells you how much the dependent variable will increase when the independent