Cinema HD an online movie streaming service that offers a wide variety of award-winning TV shows, movies, animes, and documentaries, would like to determine the mathematical trend of memberships in order to project future needs. Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 Membership 17 16 16 21 20 20 23 25 24   a. What are the issues associated with qualitative forecasting, and how are these overcome? b.Provide an example of qualitative forecasting and explain the shortcomings.

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Q: Month Actual Demand 1 62 2 65 3 67 4 68 5 71 73 7 76 8. 78 9. 78 10 80 11 84 12 85

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Q: Which are the QUALITATIVE TECHNIQUES IN FORECASTING?

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A: Forecasts are indispensable tools for companies to plan, allocate resources, manage risks, and make…

Q: Explain the steps used to develop a forecasting system.

A: Forecasting refers to the method involved with making forecasts or gauges about future occasions,…

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A: Definitions Moving average: - A forecast which is made by taking the average or weighted average of…

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Q: Enumerate , What are the challenges of forecasting in volatile or uncertain environments?

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Q: Explain qualitative forecasting

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

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.