Question

QUESTION 7 MAD is O a measure of the forecast accuracy of a forecasting method. o a basis for the objective comparison of the accuracy of different methods. an acronym for mean absolute deviation, O a measure of the average size of the error to be expected at any single time period. all of these QUESTIONS In moving averages, the term "run length"refers to the number of time periods over which to average, expected rate of change of the forecasted quantity per unit time. the number of time periods ahead to forecast. the fraction of the current recast error to use to correct the forecast for the next period ahead. none of these QUESTION 9 Appraisal costs refer to costs of reducing the potential for defects costs of inspecting and evaluating products and/or services, costs caused by defective parts or products or by faulty service all of these none of these QUESTION 10 Which term refers to meeting the needs of the present without compromising the ability of future generations to meet their needs? corporate social responsibility

Answer 1

Q7

The answer is all of the above.

It calculates how much deviation of forecast from actual is expected on average

Hence it measures the forecasting accuracy

It is also used to compare different forecasting methods, the lesser the MAD, the more is the accuracy

The acronym is also correct

Q8

The answer is none of the above

Run length is the averge number of points will be plotted in a control chart before it goes out of control

Q9

The answer is cost of testing and evaluating products and services

Q10

The answer is sustainable development