Explain the word "false" for a successful forecast?
Q: Use a three-period weighted-moving average forecast to determine a forecast for the 8th week using…
A: THE ANSWER IS AS BELOW:
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A: Forecast Error = 4, 8, and -3 Forecast Error | Forecast Error| Error2 1 4 4 16 2 8 8 64 3…
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A: Answer: It is important to measure the accuracy of forecasts, for any forecasting technique 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: I Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three- week and a…
A: Forecasting the future demand/sales can be done by various methods like moving average, weighted…
Q: Explain linear trend forecast?
A: Forecasting is the technique of accurately estimating future demand for the goal of planning future…
Q: Given a 3-quarter period of actual and forecast demand as shown in the table. The company ABC sets a…
A: A forecasting method is a managerial tool which help to predict the unknown future based on…
Q: Time left 0:30:19 The sales of XYZ company for the previous three periods are 45,42, and 43…
A: The following is the data provided: Period Data January 45 February 42 March 43 The…
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: for the 8th week using weights of 3, 2, and 1 (where the most recent week receives the highest…
A: THE ANSWER IS AS BELOW:
Q: When should time series forecasting techniques be used?
A: The statistical data and, as a consequence, the projected features are analyzed using statistical…
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A: Given errors are: 3, 2, -2, 9 Running Sum of Forecast Errors (RSFE), is given by: RSFE = ∑ Errors…
Q: Explain why forecasts are generally wrong.
A: Forecasting is used to predict future changes or demand patterns.
Q: Explain what are the use of a time series forecasting and discuss what assumption are made ?
A: Globalization is the process of bringing together individuals, businesses, and governments on a…
Q: Explain when to use a time series forecasting techniques
A: The statistical techniques are applied to past records and hence to the projected variables.…
Q: ) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Q: Explain the forecasting term with the help of least squares ?
A: Least Squares Method The least squares technique is a type of mathematical regression analysis that…
Q: Explain what ex-post and ex-ante forecasts are, and how one can evaluate the accuracy of forecast of…
A: Ex Post Forecast, Ex Ante Forecast Ex post is forecasting using data that has been collected after…
Q: Explain what forecasting techniques makes use of written surveys or telephone interviews
A: Operations management manages the internal operation. It starts with the procurement and ends with…
Q: What are some of the consequences of poor forecasts? Explain.
A: The Consequences of the poor forecast are:
Q: hovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last 12…
A: a) b)
Q: Given the following historical data, what is the moving-average forecast for period 6 based on the…
A: Determine the moving-average forecast for Period 6 based on the last three period:
Q: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
Q: No singal forecast methodology is appropriate under all conditions: True or false?
A: Forecasting is a method that utilizes authentic information as contributions to make educated…
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: Explain what is an accurate forecast?
A: Making is the act of selecting a course of action from a reservoir of thoughts or ideas available to…
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Q: Can you either overestimate or underestimate the actual sales number for a poor forecast?
A: A forecast is a foresight of whatever will occur. While usually practiced in the circumstances of…
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: Explain the difference between qualitative and quantitative approaches to forecasting. Describe…
A: Forecasting is the method of forming foresight dependent on historical and existing or present…
Q: Discuss what happens to the ability to forecast for period farther into the future?
A: Forecasting is a technique for generating precise forecasts of future trends based on historical…
Q: What effect does the number of cycles in a moving average have on the forecast's responsiveness?
A: In order to estimate potential demand, the Moving Average (MA) projection method uses the MA formula…
Q: Explain FORECAST ACCURACY?
A: Forecasting is the process of estimating future demand using the present and past data. The demand…
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: What is seasonality?How do we forecast using data that has seasonality?
A: Seasonality in time series data is the occurrence of repetitive up and down cycles in series values…
Q: Give an example of forecasting a pet store
A: The forecast is defined as the projection based on past data. Past data, though, is factual, yet…
Q: Which forecasting technique can place the most emphasis on recent values? How does it do this?
A: The forecasting technique that can place the most emphasis on recent values is exponential smoothing…
Q: Explain when is time series forecasting used ?
A: Forecasting is the process of predicting future events based on previous data and information.
Q: Use a three-period moving average method to determine forecast value for time 5 to 7. Use an…
A: THE ANSWER IS AS BELOW:
Q: A)- Explain the calculation method for the Naive Forecast model. B) If at the end of every month…
A: Forecasting the values in advance helps to reduce the cost, and increase profits by reducing wastage…
Q: orecast sales for the 11th period. For leveling, use exponential smoothing 0.20 and moving average 3…
A: THE ANSWER IS AS BELOW:
Q: What is the expected sales for the 7th week based on 3 period moving average. What is the forecast…
A: Forecasting is the process of predicting the future demand using previous or historic information.
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: How can you evaluate the accuracy of a forecast model? explain in detail
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Explain the word "false" for a successful
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- 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?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.
- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?