Accuracy of forecasts. The manager of a large manufacturer of industrial pumps must choose betweentwo alternative forecasting techniques. Both techniques have been used to prepare forecasts for a sixmonth period. Using MAD as a criterion, which technique has the better performance record?FORECASTMonth Demand Technique 1 Technique 21           492           488                 4952           470           484                 4823           485           480                 4784           493           490                 4885           498           497                 4926           492           493                 493

Q: Sara manages one of the Albireds shoe lines, and is working to improve the group's forecasting…

A: Given data is

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A: Date A B C D Stock Exchange 9/3/2010 127.07 18.54 20.84 15.44 10,536.56 9/7/2010 124.84 18.21…

Q: Month 1 2 3 4 5 No. of Cases 105 115 120 120 125 Month 6 7 8 9 10 No. of Cases 125 130 140 145 150…

A: Given data is

Q: formula refers Naive Forecast method. O a. Forecast value for the current period = Last

A: To compute a naïve forecast just require the earlier month of sales and plug it in close to the…

Q: Once accepted by managers, forecasts should be held firm regardless of new input since many plans…

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A: MAD is the average of absolute forecasting error values. CFE is the cumulative vaue of error values.…

Q: The following table contains the demand from the last 10 months: ACTUAL DEMAND 31 33 34 42 45 44 42…

A: An extension of the fundamental exponential smoothing approach that takes data trends into account…

Q: List the types of forecasts?

A: Forecasting refers to the techniques that are used for making the prediction based on the present…

Q: A sales forecast usually done for a period more than six months but does not exceed two years. It is…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 17. Statistical and observational methods, where adequate data or settings are available in which to…

A: Forecasting: It means the prediction of the future period. The prediction will be done based on the…

Q: It has been said that forecasting using exponential smoothing is like driving a car by looking in…

A: As there are multiple questions posted,  as per policy will answer the first question only. If you…

Q: What advantages does exponential smoothing have over movingcaverages as a forecasting tool?

A: The following are the benefits of exponential smoothing as a forecasting tool over moving averages.…

Q: A skeptical manager asks what long-range forecasts can be used for when the CEO ask her to prepare…

A: Forecasting can be defined as the technique which uses past data to estimate future events.…

Q: The MAD for Method 1= _____ thousand gallons (round response to three decimal places)

A: Demand is the amount of quantity of goods and services for which the people are willing to pay at…

Q: Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled…

A: Find the given details below: Given details:Predicted…

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: Here,Alpha 0.2 1) find out the best alpha?

A: Given data is

Q: At the Rhorer Car Dealership, two salespersons deployed different forecast techniques. The…

A: Absolute Error = Sales- ForecastMAD = ∑Absolute ErrornWhere n = No. of periods

Q: a. Naive. b. A four-period moving average. c. Exponential smoothing with .50. Use 20 for the week…

A: Forecasting is the process of prediction in which sales demand is estimated using historic…

Q: The MAD for Method 1 = thousand gallons (round your response to three decimal places)

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A: Forecasting is technique which uses past data in order to predict future trends. It is mainly used…

Q: Apply 4-period SMA and 4-period WMA (0.1, 0.2, 0.3, 0.4) to the given data. Determine the MAD, MSE,…

A: THE ANSWER IS AS BELOW:

Q: 2) Develop forecasts for FY2023 using the two forecasting methods currently employed by Throx. a)…

A: Weighted Moving Average: Here different weights can be assigned to different periods and then a…

Q: An electrical contractor's records during the last five weeks indicate the number of job requests.…

A: The naive technique, commonly called the "naive forecast," is the most basic type of forecasting. It…

Q: Through the analysis of a customer base's buying behavior, a company might see that this customer…

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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: Make a forecast of the demand for the month of January and February

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Q: The following represents the actual demand and two different sets of forecasts using different…

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Q: Here are the errors associated with a particular forecast over the past five months, in…

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Q: 160 # 10 You have been given more data on the correlation between average snow fall and plow days.…

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Q: A forecast for the first six months of the year revealed a tendency to underpredict the actual…

A: The mean squared error (MSE) is a forecast accuracy measure that is computed as the average of the…

Q: Given the following data, according to MAD/MAE which is the most accurate forecasting…

A: MAD (Mean Absolute deviation) indicates the average of absolute error value.Use the below formula:

Q: Use the Naive method to make a forecast for month 3, and then use that information to make a…

A: Forecasting helps in knowing about future events by making estimates mainly based on historical…

Q: forecasting

A: b.2

Q: 2. Given the following data, use exponential smoothing with a = 0.2 and a = 0.5 to generate…

A: Use following formula to calculate forecast value as shown below:  Ft+1 = Ft+ α (At-Ft)  Forecast Ft…

Q: An analyst must decide between two different forecasting techniques for weekly sales of roller…

A: Naive forecast- Here we use current period’s data as next period’s forecast.  Linear regression…

Q: Briefly mention the five characteristics of data patterns in time series method of forecasting.

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Q: discuss the strategic importance of forecasting for Disney and demonstrate how Disney World…

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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.