Explain how do we measure accuracy of a forecasting model
Q: Discuss Qualitative forecasting technique. Explain the situations where we use Qualitative methods.…
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: Discuss when to use a time series forecasting techniques ?
A: Historical data, and hence projected variables, are subjected to statistical analysis. The…
Q: Explain the term for forecast that is used for making day to day decisions about meeting demand
A: The forecasting cycle of an organization is partitioned into two sections including strategic and…
Q: Does a correct forecast prove that your forecast method was correct? Why or why not?
A: Forecasting is important as it helps a business in setting the correct level of inventory, set the…
Q: Briefly discuss how the forecast methods be applied in operations.
A: Forecasting refers to the process of making predictions for the future using past and present data.…
Q: Explain what us qualitative forecasting model and when should it be used
A: Qualitative approach is a way of evaluation based on subject specialists and not on numeric…
Q: Identify the critical conditions and trade-offs to take into account when selecting forecasting…
A: When choosing the forecasting technology, the important considerations cost and accuracy are…
Q: In your own words, explain adaptive forecasting.
A: Forecasting is the term which is defined as the technique that uses the data which is historical in…
Q: Explain the trade off of responsiveness in a time series forecasting system
A: In return for improvements on other issues, Tradeoff is a situation-based technique that entails…
Q: Contrast the reactive and proactive approaches to forecasting. Give several examples of types…
A: When one talks of proactive and reactive approaches to forecasting, it basically means that one has…
Q: Explain what are the forecasting process principles?
A: Forecasting is the science of forecasting what will occur in the future based on past and current…
Q: Explain quantitative forecast methods?
A: The quantitative method of forecasting uses numerical and prior effects to predict the possible…
Q: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
Q: When should time series forecasting techniques be used?
A: The statistical data and, as a consequence, the projected features are analyzed using statistical…
Q: State and explain three methods that are used to determine the accuracy of any given forecasting…
A: To be determined: three methods that are used to determine the accuracy of any given forecasting…
Q: Identify one method that is used in forecasting and explain how it is applied.
A: Forecasting: It is a process of predicting future demand based on past values or demand and present…
Q: List the various type of analytical tools and methods used in forecasting?
A: Numerous statistical approaches are used to examine the data, which enables the data to be…
Q: Describe in detail what is a time series forecasting model ?
A: Forecasting is a type of prediction approach that can be used to make future judgments based on past…
Q: Explain the relationship between forecasting and quality management?
A: Total quality management (TQM) is a continual process of identifying and avoiding or eliminating…
Q: How do we measure accuracy of a forecasting model?
A: Step1:Forecasting models are tried and tested frameworks of historical data which helps in…
Q: Identify and briefly explain the two primary approaches to forecasting.
A: Forecasting is a method that uses historical data as inputs to generate predictions that can be used…
Q: Explain the value of seasonal indices in forecasting. How areseasonal patterns different from…
A: Forecasting can be defined as the way or a process of making predictions based on past events or…
Q: Explain the methods that are used to develop the forecasting methodology
A: Forecasting is a continuous activity that the business employs in both the short term and long term.…
Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?
A: As a forecasting function, exponential smoothing has the following benefits over running averages:…
Q: our manager is trying to determine what forecasting method to use. Based upon the following…
A: first we put the value on excel sheet then applying weighted moving average formula which shown in…
Q: Explain the trade off between responsiveness and consistency in a time series forecasting system?
A: Tradeoff A tradeoff is a decision-making technique that involves sacrificing quality, quantity, or…
Q: Describe when to use of a time series forecasting techniques and what assumption are made?
A: Statistical approaches are used to forecast variables by analysing historical data. Forecasts are…
Q: What three methods are used to determine the accuracy of any given forecasting method? How would you…
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: An example of the Quantitative Method of forecasting is
A: Businesses and salespeople can use quantitative forecasting, an objective, data-based process, to…
Q: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
Q: Discuss the methods that are used to develop the forecasting methodology?
A: Forecasting is a continuous process that the business engages in both in the short and long term. It…
Q: Other factors to consider in selecting a forecasting technique
A: Forecasting is used to predict future changes or demand patterns. It involves different approaches…
Q: Define time-series forecasting model and give examples.
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: List the analytical tools and methods used in forecasting?
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: Explain the six steps involved in a typical forecasting procedure.
A: Forecasting is a technique that enables the creation of informed forecasts by utilising previous…
Q: Explain the analytical tools and methods used in forecasting ?
A: Many statistical techniques are used to examine the data, which helps to summarize data first from…
Q: Identify and explain the areas other than mentioned where the Hard Rock Cafe could use forecasting…
A: Hard Rock Cafe, Inc. is a chain of subject eateries established in 1971 by Isaac Tigrett and Peter…
Q: Forecasting can be classified into which basic types?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Outline the steps in the forecasting process.
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Give a proper explanation of what is meant by the adaptive forecasting
A: To be determined: a proper explanation of what is meant by the adaptive forecasting
Q: . Describe trend, seasonality, random variation, and cycle as applied to forecasting.
A: Forecasting is a term related to Supply chain management. Forecasting means analyzing the sales of…
Q: Describe the key factors and trade-offs to consider when choosing a forecasting technique.
A: The main factors are cost and accuracy..
Q: Explain and give an example of a weighted average in forecasting
A: A Weighted Moving Average puts more weight on late information and less on past information. This is…
Q: State examples of industries affected by seasonality and reasons to eliminate seasonality in their…
A: To be determined: examples of industries affected by seasonality and reasons to eliminate…
Q: Explain how the technology of forecasting can be improved
A: Forecasting is a long-term and short-term activity that the company engages in on a regular basis.…
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- What forecasting techniques are used in the management of technology and innovation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?