he following generalized principles about forecasting discussed in class is true? a. Forecasts are always correct. b. Forecasts are typically more accu orecasts are typically more accurate for longer term time horizons than shorter term horizons. c. Forecasts are typically more accurate for families or families of items rather than individual items. d. The exponential smoothing forecast method (model) always performs best. 2. Which of the following statements is true? a. The Delphi method of developing a forecast allows for the anonymous solicitation of individuals' demand expectations in an attempt to eliminate bias attributable to a person. b. One advantage of using an executive committee consensus forecast technique is the ability of a single executive to bias the group consensus. c. An historical analogy forecast technique is typically utilized in the mature stage of a product life cycle. d One forecast risk reduction strategy is to utilize a single forecast methodology rather than relying upon an averaged forecast from multiple forecast methods. e. The exponential smoothing forecast method calculates a linear average of all historical demand values. 3. Which of the following statements concerning forecasting is false? a. A time series is a time ordered sequence of observations observations taken at regular intervals. b. Decomposition is a forecast methodology that decon y that decomposes a time series into its basic elements or patterns. c. A time series may include trend, seasonal, cu include trend, Seasonal, cyclical, and irregular (random) noise patterns. d. Forecast smoothing methods rely upon a conser e. Regression analysis attempts to define a cau independent variable(s) and a dependent variabl hods rely upon consensus of company executives. mpts to due a cause and effect relationship between an ime series patterns is false? 4. Which of the following statements concerning time se se or decrease in demand. ating patterns. a. Random variation (error) is predictable. b. Trend is a long-term gradual increase or decreas c. Seasonal patterns are short-term repeu d. Cyclical patterns are long-term repeating patter e. A stationary time series exhibits demand value mean and variance. randomly fluctuating around a constant