QUESTION 2: [5 MARKS]

Match the statements below with the best-described technique.

Please do not rewrite the statement, just the statement number followed by the matching technique. e.g. 1. MAPE NB. Each statement only describes ONE technique; writing two more will cost you marks. Statements Technique.

1. A type of forecast used for new products planning, capital expenditures, facility location or expansion and R&D. Cycles

2. When an independent party ask individual experts questions relating to an underlying forecasting problem, to seek a consensus forecast by providing feedback to the various experts in a manner that prevents identification of individual positions. Delphi method.

3. A forecasting technique that use advertising initiatives to determine demand. Executive Opinion.

4. A forecasting method that does not rely on any rigorous mathematical computations. Exponential smoothing forecast.

5. Sequence of data points that are measured typically at successive times at regular time intervals is known as MAD.

6. Using the latest observation in a sequence of data to forecast the next period is; MAPE.

7. A forecast based on the previous forecast plus a percentage of the forecast error.Nave forecasting.

8. Data exhibit steady growth or decline over time. Qualitative methods data.

9. Data exhibit upward and downward swings in over a very long time frame. Simple regressions Linear.

10. Eliminate the problem of positive errors cancelling negative errors: Strategic forecast, Time-series, Trend, Weighted moving average.