Busn 278 Midterm Exam Guide

BUSN 278 Midterm Exam Guide
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BUSN 278 Midterm Exam Guide
1. : (TCO 4) It is important that budgets be accepted by:
2. : (TCO 5) The qualitative forecasting method that individually questions a panel of experts is ________________
3. : (TCO 3) The regression statistic that measures how many standard errors the coefficient is from zero is the ________________
4. : (TCO 1) Which of the following statements regarding research and development is incorrect?
5. : (TCO 2) Priority budgeting that ranks activities is known as:
6. : (TCO 6) Which of the following is a disadvantage of the payback technique?
7. : (TCO 1) There are several approaches that may be used to develop the budget. Managers typically prefer an approach known as participative budgeting. Discuss this form of budgeting and identify its advantages and disadvantages.
8. : (TCO 2) There are a variety of forecasting techniques that a company may use. Identify and discuss the three main quantitative approaches used for time series forecasting models.
9. : (TCO 2) Use the table “Manufacturing Capacity Utilization” to answer the questions below.
Manufacturing Capacity Utilization
In Percentages
Day Utilization Day Utilization
1 82.5 9 78.8
2 81.3 10 78.7
3 81.3 11 78.4
4 79.0 12 80.0
5 76.6 13 80.7
6 78.0 14 80.7
7 78.4 15 80.8
8 78.0
Part (a) What is the project manufacturing capacity utilization for Day 16 using a three day moving average?
Part (b) What is the project manufacturing capacity utilization for Day 16 using a six day moving average?
Part (c) Use the mean absolute deviation (MAD) and mean square error (MSE) to determine which average provides the better forecast.
10. : (TCO 3) Use the table “Food and Beverage Sales for Luigi’s Italian Restaurant” to answer the questions below.
Food and Beverage Sales for Luigi’s Italian Restaurant ($000s)
Month First Year Second Year
January 218 237
February 212 215...