Project Controls PC 12 Rev 04

In business, Project forecasts often involve the analysis of data, such as the performance history of a particular project.

• True

• False

The purpose of forecasting is to give managers insight into how profitable projects are likely to be in the ?

• Past

• Present

• Future

• All options listed

Three basic types of Forecast are—qualitative techniques, time series analysis / projection, and which other?

• Causal

• Capsule

• Creative

• Collaborative

Historical data from time series or correlation information is actual referred to as which Forecasting Method?

• PERT

• Quantitative

• Triangular Distribution

• Qualitative

Opinions from experts, decision makers or customers is actually referred to as which forecasting method?

• Beta Distribution

• Monte Carlo

• Qualitative

• PERT

Key steps to deliver a sound forecasting process would include?

• Define what is to be forecasted

• Gathering of Information

• Preliminary Analysis

• Select / Implement methods

• Use forecasts

A time series Forecast is a time-ordered sequence of observations measured at consecutive points in time or over different periods, such as every hour, day, week, month or year.

• True

• False

Which Process comes first

• Creating the Project Budget

• Creating the Project Forecast

A forecast is a prediction of future events, using a means other than simply making a blind guess.

A plan, on the other hand, is an articulation of how a company intends to respond to a demand forecast. ... Over time, careful forecasting will lead to more efficient and realistic planning.

• True

• False

Explicit Judgement & Implicit Judgement can be categorised as ?

• Textual & Non Textual Methods

• Calculated & Non Calculated Statements

• Measured and Unmeasured Assumptions

• None of the options listed