WBS-2-Operations Analytics-W1S6-Quiz-Newsvendor and Forecasting

21/12/2022, 12:41 Newsvendor and Forecasting Quiz | Coursera
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1. This question relates to concepts covered in Lectures 1 & 2. 1 / 1 point
You can use any of the excel files posted to work through the question.
Which of the following statements is a true statement about the

Newsvendor model?
In the Newsvendor model, the ordering decision is made before seeing

the customer demand.
The Newsvendor model can be only applied to vendors who sell

newspapers or magazines.
In the Newsvendor model, the decision-maker who decides how much

to order, always knows the exact quantity of demand that will happen.
The Newsvendor model can be used only if unsold units cannot be

salvaged.
Correct
https://www.coursera.org/learn/wharton-operations-analytics/exam/vRSgo/newsvendor-and-forecasting-quiz/view-attempt 1/9
Demand at a store can be modeled by a random variable which takes the

following values across four different scenarios that occur with following
probabilities.
Scenario Low: D1 = 10 with probability p_1=0.1
Scenario Medium 1: D2 = 30 with probability p_2=0.4
Scenario Medium 2: D3 = 60 with probability p_3=0.4
Scenario High: D4 = 90 with probability p_4=0.1
What is the mean of this demand distribution?
52.18
10
90
60
46
30
Correct
Consider the demand at a store given by the data in the previous

question, i.e., the demand at a store that can be modeled by a random
variable with values and corresponding probabilities shown in Q2. Which
of the following statements about the standard deviation of the demand
distribution is true?
The standard deviation is greater than or equal to 30 but less than 40.
The standard deviation cannot be calculated for this data.
Correct
Suppose we have a data set containing n=100 data points with the
following descriptive statistics: mean = 80, and standard deviation = 18.
We believe that this data sample comes from a normal distribution. Which
of the following choices would you use for forecasting or predicting future
demand values?
Mean= 81.8 and standard deviation=19.8.
Mean= 80 and standard deviation= 18.
Mean= 81.8 and standard deviation= 18.
Mean= 80 and standard deviation= 19.8.
Mean=88 and standard deviation= 19.8.
Mean= 88 and standard deviation= 27.
Correct
5. Using DemandData.xlsx file on the course website, and using the “Moving 1 / 1 point
averages of 13” method, i.e., MA (13), calculate the moving averages for
periods 81 through 100. In particular, start with forecast for period 81
using data from the previous 13 periods, i.e., from periods 68 through 80.
Continue this process till you generate forecast for period 100. Now
calculate errors, the differences between your forecasts and the data.
What is the Mean Absolute Deviation of these errors? Choose the
closest numerical answer.
7.30
9.17
15.00
8.46
17.51
34.33
Correct
6. The number of customer requests for car rentals recorded on each day at a 1 / 1 point
Philly Cars rental location is as follows:
Day Number of Car Rental Requests
Monday 20
Tuesday 30
Wednesday 30
Thursday 40
Friday 60
Start with Wednesday forecast using two-day moving averages MA(2). Using
the errors between forecasted and actual values for Wednesday through
Friday, calculate MAPE. Choose the closest answer from the variants below.
15.8%
9.3%
43.6%
27.8%
21.3%
38.1%
Correct
7. This question relates to concepts covered in Sessions 3 and 4. 1 / 1 point
You can use any of the excel files posted online to work through the Quiz.
Mr. Cal Coolator uses a trend line forecasting model to forecast the daily
demand for 1-quart water bottles at a convenience store based on the
average temperature recorded outside during the day. The demand line is
given by
Y=36+4.3*X
where Y = daily number of 1-quart water bottles demanded, and X =

ambient temperature measured in degrees Fahrenheit.
What is the demand forecast for 1-quart water bottles on a day when the
average temperature is 70 degrees Fahrenheit?
412
407
353
371
337
395
380
Correct
Suppose you are a manager at a ski resort in Utah. The ski resort collects
and keeps data on the demand for ski rentals over the past several
seasons. Your assistant observes that the demand has a day-of-the-week
effect (i.e., demand over a week is highly seasonal or cyclic). He
calculates the seasonality factors for all 7 days of the week. The
seasonality factors for Monday through Saturday are 0.8, 0.5, 0.4, 0.8,
1.7 and 1.8 respectively. What is the estimate of the seasonality factor for
Sunday?
0.8
0.5
0.9
1.8
0.4
1.0
1.7
Correct
The Philadelphia Museum’s estimate of the number of visitors to its outdoor

sculpture garden during a quarter (3-month period) shows both seasonality
and increasing trend.
The de-seasonalized trend line is D = 770 + 10*t,
where t=1 for Jan 2015 (Winter), t=2 for April 2015 (Spring), t=3 for July
2015 (Summer), t=4 for October 2015 (Fall/Autumn), t=5 for January 2016
and so on.
Suppose the seasonal factors are as follows:
Quarter Factor (Index)
January (Winter) 0.8
April (Spring) 1.1
July (Summer) 1.4
October (Fall/Autumn) 0.7
What is the forecast of the number of visitors for Winter (January) 2017?
(Hint: First use the trend line to calculate the de-seasonal forecast and then
apply the correct seasonal factor for January 2017).
1232
595
1176
957
688
917
Correct
Sew Good is a fashion apparel chain that sells a variety of clothes in

California. Below are the actual demands and the forecasts that Sew Good
recorded for 20 of their clothing designs from the past season. In the
following problem round all the ratio values to 2 decimal places.
For example, use 0.97 instead of 0.9733 or 0.9689.
Actual Demand Forecast
546 914
639 698
534 518
732 595
699 909
1019 1063
1174 1160
1092 1084
608 776
908 758
1162 938
1300 2108
739 870
941 1278
831 762
915 1270
682 524
799 708
1281 946
640 806
The point forecast for Sew Good’s new “mood indigo” blue jeans the
company plans to release in the coming season is 1450. Sew Good follows
the forecast methodology we used in Session 4, and uses a normal
distribution to forecast the demand for “mood indigo” jeans, and fits a demand
model by studying the deviations of actual demands from forecasts in the last
season using A/F ratios. What value of the descriptive standard deviation
should Sew Good use for fitting the normal distribution? Please choose the
closest number.
298
120
55
174
251
332
Correct

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21/12/2022, 12:41 Newsvendor and Forecasting Quiz | Coursera

Congratulations! You passed!

1. This question relates to concepts covered in Lectures 1 & 2. 1 / 1 point

Which of the following statements is a true statement about the

In the Newsvendor model, the ordering decision is made before seeing

The Newsvendor model can be only applied to vendors who sell

In the Newsvendor model, the decision-maker who decides how much

The Newsvendor model can be used only if unsold units cannot be

2. This question relates to concepts covered in Lectures 1 & 2. 1 / 1 point

Demand at a store can be modeled by a random variable which takes the

Scenario Low: D1 = 10 with probability p_1=0.1

Scenario Medium 1: D2 = 30 with probability p_2=0.4

Scenario Medium 2: D3 = 60 with probability p_3=0.4

Scenario High: D4 = 90 with probability p_4=0.1

What is the mean of this demand distribution?

3. This question relates to concepts covered in Lectures 1 & 2. 1 / 1 point

Consider the demand at a store given by the data in the previous

The standard deviation cannot be calculated for this data.

4. This question relates to concepts covered in Lectures 1 & 2. 1 / 1 point

Mean= 81.8 and standard deviation=19.8.

Mean= 80 and standard deviation= 18.

Mean= 81.8 and standard deviation= 18.

Mean= 80 and standard deviation= 19.8.

Mean=88 and standard deviation= 19.8.

Mean= 88 and standard deviation= 27.

Day Number of Car Rental Requests

7. This question relates to concepts covered in Sessions 3 and 4. 1 / 1 point

where Y = daily number of 1-quart water bottles demanded, and X =

8. This question relates to concepts covered in Sessions 3 and 4. 1 / 1 point

9. This question relates to concepts covered in Sessions 3 and 4. 1 / 1 point

The Philadelphia Museum’s estimate of the number of visitors to its outdoor

The de-seasonalized trend line is D = 770 + 10*t,

Suppose the seasonal factors are as follows:

Quarter Factor (Index)

January (Winter) 0.8

April (Spring) 1.1

July (Summer) 1.4

October (Fall/Autumn) 0.7

10. This question relates to concepts covered in Sessions 3 and 4. 1 / 1 point

Sew Good is a fashion apparel chain that sells a variety of clothes in

For example, use 0.97 instead of 0.9733 or 0.9689.

Actual Demand Forecast

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