What type of forecasts are used for forecast decisions related to strategy and aggregate demand?

Causal relationship forecasting	Forecasting using independent variables other than time to predict future demand.
Collaborative Planning, Forecasting, and Replenishment (CPFR)	An Internet tool to coordinate forecasting, production, and purchasing in a firm’s supply chain.
Decomposition	The process of identifying and separating time series data into fundamental components such as trend and seasonality.
Exponential smoothing	A time series forecasting technique using weights that decrease exponentially (1 – α) for each past period.
Forecast error	The difference between actual demand and what was forecast.
Linear regression forecasting	A forecasting technique that fits a straight line to past demand data.
Mean absolute deviation (MAD)	The average of the absolute value of the actual forecast error.
Mean absolute percent error (MAPE)	The average error measured as a percentage of average demand.
Moving Average	A forecast based on average past demand.
Smoothing constant alpha (α)	The parameter in the exponential smoothing equation that controls the speed of reaction to differences between forecasts and actual demand.
Smoothing constant delta (δ)	An additional parameter used in an exponential smoothing equation that includes an adjustment for trend.
Strategic forecasts	Medium and long-term forecasts that are used for decisions related to strategy and aggregate demand.
Tactical forecasts	Short-term forecasts used for making day-to-day decisions related to meeting demand.
Time series analysis	A forecast in which past demand data is used to predict future demand.
Tracking signal	A measure of whether the forecast is keeping pace with any genuine upward or downward changes in demand. This is used to detect forecast bias.
Weighted moving average	A forecast made with past data where more recent data is given more significance than older data.

What type of forecasts are used for forecast decision related to strategy and aggregate demand?

What type of forecast is used for day to day decision making?

Which of the four basic types of forecasting assumes that data about past demand can be used to predict future demand?

Which of the four basic types of forecasting assumes that demand is related to some underlying factor in the environment multiple choice question?