Page 144 - Data Science class 11
P. 144
Solved Exercise
Objective Type Questions (Section A)
A. Tick ( ) the correct option.
1. The statistical task that predicts the future as accurately as possible is known as:
a. Estimating b. Predicting
c. Forecasting d. All of these
2. Which of these are the three pillars of forecasting: 1. Management’s experience 2. Experts’ knowledge 3. Mathematical
skills 4. Judgement
a. Only 1 and 3 b. Only 1,2 and 4
c. Only 1,2,3 d. All of these
3. For a perfect forecast, experts rely on:
a. Only Qualitative forecasting
b. Only Quantitative forecasting
c. Only Objective forecasting
d. Both Qualitative and Quantitative forecasting
4. Identify the method/model that companies use to predict actions: This is based on supply and demand, as well as
prices. It proves valuable when forecasting economic future developments.
a. Time series model b. Judgemental forecasting model
c. The Delphi method d. Econometric model
5. Which one of the following is NOT an advantage of forecasting?
a. Gaining valuable insight
b. Learning from past mistakes
c. Decreasing the life cycle costs
d. Discouraging the establishment of a new business
6. Arrange the basic steps in the forecasting process in the correct order. 1. Gathering information 2. Problem definition
3. Using and evaluating a forecasting model 4. Choosing and fitting models 5. Preliminary exploratory analysis.
a. 2,3,1,4,5 b. 2,1,5,4,3
c. 1,2,3,4,5 d. 3,2,1,5,4
7. The two types of Analytic Studies are:
a. Experimental Studies and Observational Studies
b. Experimental Studies and Judgemental Studies
c. Observational Studies and Objective Studies
d. Experimental Studies and Analytical Studies
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