Explain the term for forecast that is used for making day to day decisions about meeting demand
Q: This is a type of forecast used to make long-term decisions, such as where to locate a warehouse or…
A: Fоreсаsting is а deсisiоn-mаking tооl used by mаny businesses tо helр in budgeting,…
Q: Calculate the simple 3-month moving average forecast for December - March
A: Given data is
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: Describe a trendadjusted exponential smoothing forecast.
A: Trend-Adjusted Exponential smoothing method gives a better forecast than any other forecasting…
Q: Explain why forecasting devices such as moving averages, weighted moving averages, and exponential…
A: The average is going The prediction is increased and n is flat, but less susceptible. It provides an…
Q: Lori Cook has developed the following forecasting model: where y demand for Kool Air conditioners…
A: Regression is a statistical technique used in the fields of finance, investing, and other…
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: In operations management, Forecasting serves as a navigating tool for ships traversing uncharted…
Q: Explain the word "false" for a successful forecast?
A: A difference between real and forecasted values is referred to as "fake" in forecasting strategies.…
Q: Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more…
A:
Q: Tracy is the the Director of Supply Chain at Circuits Inc. An accurate forecast at Circuits Inc. is…
A: Error = Actual demand - Forecast Absolute Error = Positive Value of Error MAD = Average of Absolute…
Q: Answer the following: 1. Suppose that the demand in period 1 was 7 units and the demand in period 2…
A: all of the answer is in the explanationExplanation:1. given: α=0.2Ft+1= α (At) + (1-α)Ft= 0.2 (At) +…
Q: No single forecast methodology is appropriate under all conditions True or false?
A: Answer: What is Forecasting: Forecasting is an attempt to predict future events which will be used…
Q: Briefly describe the key element of a good forecast.
A: Forecasting refers to a method which is used to predict the future outcomes on the basis of certain…
Q: The table below shows forecasts and true values Quarter Forecast True Value 1 327 345 2 332 317 3…
A: Quarter Forecasted valueTrue value 1327345233231733283364330311
Q: Forecast sales for the 7th period. For leveling, use exponential smoothing 0.20 and moving average 3…
A: PeriodDemand167272368420570666768
Q: Based on the following equation for a moving average forecast, what would have been the three week…
A: Here, each week has the revenue data, I will apply the 3-week moving average technique, the 6-week…
Q: Apply the appropriate forecasting tools and techniques in predicting product demand using OM…
A: Demand forecasting is the assessment of likely future demand for an item or administration. The term…
Q: Although a demand forecast is usually not accurate, managers must forecast demand. In this context…
A: The answer is as below:
Q: Actual demand and the two sets of forecasts are in the table below. PREDICTED DEMAND Period…
A: Here, for each period, I am given the actual demand data, and the predicted demands are determined…
Q: What will be the demand forecast for period t? (Keep one decimal place in your answer).
A: The weighted average moving forecast is a technique that is used to predict the future of a…
Q: The following table contains the demand from the last 10 months. Calculate the single exponential…
A: The general formula of exponential smoothing: forecast = actual demand of previous period…
Q: Compute correctly the 3day forecast report, show the computation and solutions
A: %occ = Total rooms occupied/total rooms x 100
Q: The following table contains the demand from the last 10 months. Calculate the exponential smoothing…
A: Given: An initial trend forecast (T1) = 1.00 An initial exponentially smoothed forecast (F1) = 30.…
Q: Forecast accuracy decreases with the long range forecast. True or False? Explain
A: Forecasting is a technique of predicting future events based on historical data and projecting them…
Q: You are given the demand and forecast history for a company. According to this, what is the 2-period…
A: 2 period moving average forecast means treating the average actual demand of previous two periods as…
Q: Actual demand for a product for the past three months was: Three months ago 400 units Two months…
A: Month Actual demand3 months ago4002 months ago350Last month325
Q: Develop an appropriate forecast model for bookstoremanagement to use to forecast computer demand for…
A: Forecasting is an indispensable method of managing sales by evaluating the future demand for…
Q: Two different forecasting models were used to forecastsales of a popular soda on a college campus.…
A: Solution - Introduction - [1] Forecasting Model - Forecasting models are one of the numerous methods…
Q: The following table shows the actual demand observed over the last 11 years:…
A:
Q: Sales of tablet computers at Ted Glickman's electronics store in Washington, D.C., over the past 10…
A: Given, Week Demand 1 20 2 23 3 27 4 37 5 26 6 30 7 35 8 22 9 24 10 29…
Q: Explain how can does the number of periods in a moving average affect the responsiveness of the…
A: Moving Average (MA) forecasting calculates the average over a certain number of periods in order to…
Q: National Standard, Inc. sells radio frequency identification (RFID) tags. Monthly demand for a…
A: Note: - Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the…
Q: The following table shows the actual demand observed over the last 4 years: Year Demand 1 8 Year…
A: Actual Demand for last 4 years is given below:
Q: 2 3 4 Using exponential smoothing with a = 0.30 and a forecast for year 1 of 6.0, provide the…
A: YearDemand 172834410512677118149101013118
Q: Complete the Mean Absolute Deviation for this forecast. B) Complete an additional forecast for…
A: PeriodDemandNaïve…
Q: Describe the main considerations and compromises to be taken into account when selecting a forecast.
A: The deals and incomes that your business produces will differ from one year to another.…
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: Using past data as inputs, forecasting is a process that produces accurate predictions of the future…
Q: What is the term for forecasts used for making day-to-day decisions about meeting demand?
A: Forecasting is a technique used to predict future events using quantitative and qualitative methods…
Q: Forecasting Historical records show the past ten Hood Lacrosse games having the following…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Prepare a graph of the monthly forecasts and average forecast demand for Chicago Paint Corp., a…
A: Find the Given details below:Given details:MonthProduction DaysDemand…
Q: Use the sales data in the table ( attached Image) and apply the same forecast method when α = 0.1,…
A: Exponential Smoothing is a majorly used time series forecasting technique that aims to capture and…
Q: Community General Hospital finds itself treating many bicycle accident victims. Data from the last…
A: To calculate the exponentially smoothed forecast using the given data and the alpha value of 0.31,…
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- The demand data for Double T Computer Services appears below. The company wants you to forecast the demand for period 4. What is your forecast using the least squares method? Period Demand 1 37 2 40 3 40in order to forecast a demand pattern that has a significant trend but no seasonality you can use both double exponential smoothing and regression. what is the advantage of using double exponential smoothing over regression?The worksheet Hudson Demand Case Data in MindTap provides the number of visits over one year from January to December (52 weeks). Chart the data and explain the characteristics of the time series. How would you forecast future demand for customer visits? What criteria will you use to determine a “good” forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. PREDICTED DEMAND Period Demand F1 F2 1 68 67 60 2 75 67 67 3 70 71 70 4 74 69 72 5 69 71 77 6 72 70 77 7 80 72 75 8 78 75 83 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.)The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 7 11 7 13 12 10 13 8 This exercise contains only parts b, c, and d. Part 2 b) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your responses to one decimal place). Part 3 c) Using the 3-year weighted moving average with weights 0.10, 0.30, and 0.60, using 0.60 for the most recent period, provide the forecast from periods 4 through 12 (round your responses to two decimal places). Part 4 d) Mean absolute deviation for the forecast developed…The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 7 9 6 10 12 7 12 12 9 9 8 Part 2 Using exponential smoothing with α = 0.30 and a forecast for year 1 of 6.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). Part 3 Provide the forecast from periods 2 through 12 using the naive approach (enter your responses as whole numbers).
- Please see attached image for chart to answer questions. Prepare a graph that shows the four-year demand history for the bow rake. Discuss any apparent trend and seasonal patterns. Which forecasting method might be best for bow rakes for each month of Year 5? Why? Use the forecasting method you recommended in part c to forecast demand for each month of Year 5. OM Explorer is highly recommended to develop your forecasts.The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 9 13 8 11 14 9 13 7 Part 2 Using exponential smoothing with α = 0.40 and a forecast for year 1 of 5.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). Year 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 5.0 enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here14 Community General Hospital finds itself treating many bicycle accident victims. Data from the last seven 24-hour periods is shown below: Day Bicycle Victims 1 8 2 14 3 8 4 14 5 18 6 15 With an alpha value of 0.31 and a starting forecast in day 3 equal to the 21 , what is the exponentially smoothed forecast for day 4? (Round to two decimal places) 15 What is the exponentially smoothed forecast for day 5? (Round to two decimal places) 16
- The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 9 13 8 11 14 9 13 7 Part 2 Using exponential smoothing with α = 0.40 and a forecast for year 1 of 5.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). Year 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 5.0 5.45.4 6.46.4 5.55.5 6.96.9 9.39.3 8.88.8 9.79.7 11.411.4 10.410.4 11.511.5 9.79.7 Part 3 Provide the forecast from periods 2 through 12 using the naive approach (enter your responses as whole numbers). Year 2 3 4 5 6 7 8 9 10 11 12 Forecast enter your response here enter your response here enter your response here enter your…The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 10 11 9 12 12 8 13 6 This exercise contains only parts b, c, and d. b) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your responses to one decimal place). Year 4 5 6 7 8 9 10 11 12 Forecast 66 7.337.33 8.338.33 1010 10.6610.66 1111 10.6610.66 1111 99 c) Using the 3-year weighted moving average with weights 0.15, 0.30, and 0.55, using 0.55 for the most recent period, provide the forecast from periods 4 through 12 (round your responses to two decimal places).The manager of travel agency has been using a seasonally adjusted forecast to predict demand for packaged tours. The actual and predicted values are as follows: a. Compute MAD for the 5th period b. Compute MAPE for the 3rd period Period 1 2 3 4 5 6 7 8 9 10 Demand 19 94 56 91 85 32 26 26 95 49 Predicted 24 60 50 94 80 40 28 24 70 50