Explain the difference between qualitative and quantitative approaches to forecasting.Describe three (3) qualitative methods used in forecasting.Given the following data of demand for shopping carts at a leading supermarket. Prepare a forecast for period 6 using each of the following approaches: Period12345Demand6065555864 A three-period moving average.A weighted average using weights of .50 (most recent), .20 and .30.Exponential smoothing with a smoothing constant of .40. The manager of a large cement production factory in Road Town, Tortola has to choose between two alternative forecasting techniques. His production staff used both techniques in order to prepare forecasts for a six-month period (See table below). Using MAD as a criterion, which technique has the better performance record? FORECASTMONTHDEMANDTECHNIQUE 1TECHNIQUE 2149248849524704844823485480478449349048854984974926492493493Please help me solve the whole question please

Forecasting is the method of forming foresight dependent on historical and existing or present…

Answered: Explain the difference between…

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Explain the difference between qualitative and quantitative approaches to forecasting.
Describe three (3) qualitative methods used in forecasting.

Given the following data of demand for shopping carts at a leading supermarket. Prepare a forecast for period 6 using each of the following approaches:

Period	1	2	3	4	5
Demand	60	65	55	58	64

The manager of a large cement production factory in Road Town, Tortola has to choose between two alternative forecasting techniques. His production staff used both techniques in order to prepare forecasts for a six-month period (See table below). Using MAD as a criterion, which technique has the better performance record?