Continuing from Question 13, after inputting the correct probabilities for all other states, what is the standard deviation of sales for July?

Practice More Questions From: Week 4 Assessment

Q:

Why is Income a useful variable to look at when forecasting Sales?

Q:

For each time period, calculate the ratio of Sales to Income, i.e. Sales divided by Income, and round your answer to 2 decimal places. What is the mode?

Q:

Based your answers to Question 1-3, which of the following is the best forecast for Sales for the September 2021 quarter?

Q:

Look at the sheet DailySales for Question 4 – 9 Draw a line chart of the data.What is the most prominent systematic component for this data?

Q:

If executives of an organisation were using these Daily Sales figures for June, to forecast the sales for the entire month of July, which of the following would be the most likely forecast using the Jury of Executive Opinion?

Q:

What insights may Sales Representatives have over Executives if conducting a judgmental forecast using the data available in DailySales?

Q:

Suppose that the behaviour of sales towards the end of June is indicative of a new trend in sales. If so, which of the following is the best forecast for the next day’s sales (1st of July)?

Q:

Suppose that the behaviour of sales towards the end of June is a pattern that is observed every month. If so, which of the following is the best forecast for the next day’s sales (1st of July)?

Q:

What is the difference between the Median and the Mode for daily sales in June?

Q:

Look at the sheet LeadInd. Coupled with the data in the sheet DailySales, which of the following is most likely to be true about the daily sales towards the end of June, and their continuation into July?

Q:

Look at the sheet LeadInd. What is likely to happen to economic activity towards the end of the period?

Q:

Look at the sheet MonthlySales for Questions 12 – 16. The probability for “Average” sales for July is 0.6. If all other states are equally likely, what is the probability for each of these other states?

Q:

Continuing from Question 12, after inputting the correct probabilities for all other states, what is the expected value of sales for July?

Q:

Continuing from Question 13, after inputting the correct probabilities for all other states, what is the standard deviation of sales for July?

Q:

Continue from Question 13 and 14. Due to the uptick in the Leading Indicator, we have decided to swap the probabilities of “Average” and “Above Average”. What is the new expected sales for July?

Q:

To confirm the monthly sales forecast for July, the 10 sales representatives from the firm were all privately surveyed by a hired consultant. Their responses are found in sheet Survey1. Use this sheet for Question 17 – 20. Construct a Box and Whisker Plot for the data. How many outliers are there?

Q:

According to the Box and Whisker Plot, what is the Interquartile Range?

Q:

Which of the following Sales Representatives seems to have some insights that are in line with the Leading Indicator?

Q:

Which of the following Sales Representatives seems to have some insights that are in line with the Leading Indicator in the sheet LeadInd?

Q:

Look at sheet Survey2 which contains the survey results for the second survey round. Why would the hired consultant be pleased with the second round?

Q:

Look at sheet Survey2 which contains the survey results for the second survey round. Which of the Sales Representatives is likely to exhibit the bias of “Anchoring” (think about the definition of Anchoring bias)?

Q:

Look at sheet ScenarioSept which forecasts sales for the September quarter (months of July, August, and September) based on various scenarios of the Interest Rate and Income. Use this sheet for Questions 22 – 24.What is the underlying equation that is generating the sales forecast for each scenario?

Q:

Assume that the interest rate is 1.5% and assume that Income is closest to the figure of Income in June in the sheet QuarterlySales, is the best forecast for Income in September. Now round this figure of income to the closest scenario in the sheet ScenarioSept.From the sheet, ScenarioSept, which is the most likely forecast for sales from the list below?

Q:

If the interest rate is expected to remain constant, and income is going to trend in the direction indicated by the leading indicator in the sheet LeadInd, from the list below, what is a likely number of sales that the firm should plan for beyond the September quarter?

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