a. Forecasting Methodology: Choose an appropriate demand forecasting method (e.g.,qualitative, quantitative, or a combination) based on the nature of your product/serviceand available data. Explain the chosen method and its rationale b. Teams must present a monthly forecast (as shown in the sample below) for theanticipated demand for the product for the first year of operations. A rationale orjustification must be given to explain the reasons for the demand forecastpresented. (Note: See Chapter 4 of the course text for assistance)Month Jan Feb Mar Apr | May | Jun | Jul | Aug | SepDemand 49 56 75 63 80Units100 150 220 240Oct | Nov | Dec200 170 150

Requirement: Explaining the chosen method of forecast and its rationale. Assumption: Assume the…

Forecasting Methodology: Choose an appropriate demand forecasting method (e.g., qualitative, quantitative, or a combination) based on the nature of your product/service and available data. Explain the chosen method and its rationale

Forecasting Methodology: Choose an appropriate demand forecasting method (e.g., qualitative, quantitative, or a combination) based on the nature of your product/service and available data. Explain the chosen method and its rationale

Practical Management Science

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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2. An operation specialist used two forecast methods to forecast demand for a certain word processing software package. Actual demand and his corresponding predictions are shown below: Month Sales Forecast A Forecast B January 60 February 25 60 March 54 50 42 April 36 30 55 May 45 45 35 June 60 20 Which forecast method would you recommend if using MAD as the accuracy measurement? Select one: a. Forecast A b. Forecast B c. No preference.
Source Available at: http://panmore.com/walmart-inventory-management [Accessed 18 July 2022] Reading the above, it becomes clear that good inventory management and forecasting can deliver supply chain success for and could ultimately lead to profitability and growth. In a report you are required to evaluate the importance of forecasting for Walmart Your report, must include but is limited to the following: • The importance of forecasting to Walmart. • Examine if a combination of both qualitative and quantitative forecasting may be best suited. • Argue the relevance of cloud-based forecasting for Walmart. NB: • The marks allocated next to each concept in the rubric below should serve only as a guide to the depth your discussion should cover. Your answer should be a minimum of 1 200 to a maximum of 1 500 words. Markers are to stop marking after the threshold of 1 500 words (two-and-a-half to three pages) has been reached. Please indicate the word count at the end of your answer. • You…
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B). Using exponential smoothing, calculate the forecasts for months 2, 3, 4, 5, and 6. The smoothing constant is 0.2, and the old forecast for month I is 245. Month Actual Demand Forecast Demand 1 260 2. 230 3 225 4 245 5 250 6. C). Given the following average demand for each month, calculate the seasonal indices for each month. Month Average Demand Seasonal Index January 30 February 50 March 85 April 110 May 125 June 245 July 255 August 135 September 100 October 90 November 50 December 30 Total 3 D). Using the data in part A and the seasonal indices you have calculated, calculate expected monthly demand if the annual forecast is 2000 units. Month Seasonal Forecast Index January February March April May June July August September October November December
„. Choose the type of forecasting techniques (Survey, Delphi, Averages, Seasonal, Naive, Trend or Causal) a. Demand for Mother's day greeting cards b. Popularity of new television series c. Demand for vacation on the moon d. The impact of price increase of 10% would have on the sales of marmalade
What forecasting technique makes use of written surveys or telephone interviews?
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To have a stable forecasting tool when using the simple moving average method, what value of N (the number of periods) should a firm choose among the following choices? a. 3b. 2c. 8d. 6
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