Experiment of different forecasting techniques and then based on this, identify the best forecasting technique and state why it would be most suitable.

Q: er accuracy if MAD and MSE are used?

A: Linear trend equation simply calculating the forecast based on the equation. MAD is the average of…

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: Ed Rogers owns an appliance store. Sales data on a particular model of a DVD player for the past six…

A: Absolute Error =  | Actual sales - Forecast | MAD = Average of Absolute Error

Q: Complete the forecasting worksheets for: Naïve Average Moving Average Weighted Moving Average using…

A: Weighted Moving Average using the weights of .8, .15, and .05 ExponA use an alpha level of .75ExponB…

Q: A company executive is trying to choose between two methods of forecasting sales that he has been…

A: Forecast MonthMethod 1Method 2Actual…

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

A: Here, for each period, I have been given the units sold data, This is actual data, I would use two…

Q: Select the most suitable forecasting technique (survey, Delphi, averaging seasonal, naive, trend, or…

A: Forecasting may be a technique that uses historical knowledge as inputs to form educated estimates…

Q: Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten…

A: Simple Linear Regression Y = a + b*X a = Intercept b = Slope X = Independent Variable (Year )

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: Is it possible to be used partly for public purpose and partly private purpose without violating the…

A: The major difference between the private and public areas is the responsibility for associations…

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 is a time series and the rationale for forecasting based on a time series analysis?

A: Forecasting refers to the prediction of the future based on some evidence or a strong base.…

Q: Identify the major differences between qualitative and quantitative forecasting.

A: Forecasting can be defined as the technique which predicts the future information based on…

Q: Which qualitative forecasting technique was developed to ensure that the input from every…

A: Delphi method.

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.