. Two servers in a restaurant predict how many guests will come for dinner in the nextfour days. The first server predicts the number of guests to be 23 for day 1, 35 for day 2,30 for day 3, and 28 for day 4. The second server predicts 26, 27, 28, and 29 for the fourrespective days. The actual attendance turns out to be 30, 22, 31, and 25. Who has thebigger forecast bias? What are the MSE and the MAE for the two servers?

Q: b. Would the total cost be less with full regular production each period with no overtime, but using…

A: Regular output capacity in the months (1 to 6) = 275(00) bolts per monthRegular output capacity in…

Q: A police station had to deploy a police officer for an emergency multiple times in the last four…

A: The technique of Naïve forecasting is when the previous period's sales are utilized to anticipate…

Q: a) Construct a time series plot. What type of pattern exists in the data? The data appear to follow…

A: 3-month moving average forecast = Average of the past three months' value will become the forecast…

Q: The following is the actual sales for Manama Company for a particular good: t Sales 17 5 31 The…

A: Given data is

Q: Forecasts affect planning but not the other management functions.

A: This do not require any introduction

Q: Exercise # 2 –Calculating MADt, Revised MADt,Error,and the  Revised Error :Has the Forecast Improved…

A: Mean absolute deviation (MAD) is a method to represent variation in a data set. Error = Actual…

Q: Graph the data. (Use Excel) b. Compute seasonal indices using all the data. (Solve manually) а.

A: A seasonal index measures the values/changes of a particular season of a cycle compared to the…

Q: 10. The following two demand sets are to be used to test two different basic exponential smoothing…

A: For each demand set, I will determine the exponential smoothing forecast using the given alpha…

Q: The following company sells two family of products. The company begins its roll-up forecast…

A: Find the given details below:

Q: What is the major difference between moving averages and exponential smoothing in forecasting? Group…

A: The question is asking about the key differences between two popular forecasting methods: moving…

Q: The two general approaches to forecasting are: O historical and associative. O judgmental and…

A: Qualitative forecasting: This approach involves using subjective judgments, opinions, and expert…

Q: What will be the demand forecast for period t? (Keep one decimal place in your answer).

A: The weighted average moving forecast is a technique that is used to predict the future of a…

Q: A police station had to deploy a police officer for an emergency multiple times in the last four…

A: Naive forecasting is an forecast estimation technique in which the current period forecast is equal…

Q: of tablet computers at Marika Gonzalez's electronics store in Washington, D.C., over the past 10…

A: It is a forecasting tool and it is mainly useful for time series data that exhibits a trend or…

Q: brand Managemen nterested in estin ing luture sales voluf to delern y the hew bran ace it with…

A: Determine the regression equation:

Q: Consider the following actual and forecast demand levels for Big Mac hamburgers at a local…

A: The Formula for exponential smoothing forecast is:Ft+1 =  Yt + ( 1 - ) FtHere, Ft+1 is the Forecast…

Q: Two different forecasting models were used to forecastsales of a popular soda on a college campus.…

A: Solution - Introduction - [1] Forecasting Model - Forecasting models are one of the numerous methods…

Q: Predict the number of requests for week 6 using each of these methods: a. Naive b. A four-period…

A: Forecasting means predicting in advance on the basis of different variables and factors. It has to…

Q: The following table gives the number of pints of type A blood used at Damascus Hospital in the past…

A: Moving average method is quite possibly the most famous quantitative techniques utilized sought…

Q: a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.)

A: The given details below:

Q: You have a data set that includes time period and past sales data, and you want to use a time series…

A: Ans// D) Weighted moving average   Time series forecasting makes the prediction about the future by…

Q: Attendance at​ Orlando's newest Disneylike​ attraction, Lego​ World, has been as​ follows:…

A: Quarter Year 1 Year 2 Year 3 Average Winter 63 64 94 (63+64+94) /3=73.667 Spring 99 83 151…

Q: Three years ago CMSV admissions office began using exponential smoothing with a smoothing constant…

A: Forecasts for the past year are as follows: YEAR2 = 4900YEAR3 = 5000  MSE  = 270833.33MAD  = 483.33…

Q: Compute the exponentially smoothed forecast with a = 0.40, the adjusted exponentially smoothed…

A: Forecasting is predicting in advance the demand of the future. General formulas for exponential…

Q: The following shows five months forecast demand and the corresponding actual demand for certain…

A: Mean Absolute Deviation(MAD) is determined by following formula MAD = Total errorN

Q: Which of the following statements are TRUE? The lower the MAD, the more accurate the forecast. The…

A: Mean Absolute Deviation (MAD) is the proportion between sum of absolute error values and number of…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.