Herman Hahn is attempting to set up an integrated forecasting and inventory controlsystem for his hardware store, Hahn’s Hardware. When Herman indicates that outdoorlights are a seasonal item on the computer, he is prompted by the program to input theseasonal factors by quarter.Unfortunately, Herman has not kept any historical data, but he estimates that firstquarter demand for the lights is about 30 percent below average, the second-quarterdemand about 20 percent below average, third-quarter demand about average, andfourth-quarter demand about 50 percent above average. What should he input for theseasonal factors?

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A: Given data is

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Q: Problem 18-28 (Algo) The following are historical demand data: YEAR SEASON 2011 Spring Summer Fall…

A: Given-

Q: b) Mean absolute deviation based on the forecast developed using the exponential smoothing method…

A: YearRegistrationsForecast1552553554555105686.75777.198107.129118.1310129.13111210.14

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A: Given data:

Q: Forecasts affect planning but not the other management functions.

A: This do not require any introduction

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Q: ACTUAL DEMAND 2011 Spring 203   Summer 144

A: YEAR SEASONACTUAL DEMAND 2011 Spring 203          Summer 144           Fall 382           Winter 565…

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A: Given:  An initial trend forecast (T1) = 1.00 An initial exponentially smoothed forecast (F1) = 30.…

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A: Given information:

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Q: Forecast accuracy is important because it impacts the organizations' money and people. True False

A: Accurate forecasting helps with cost cutting, production and staff scheduling, capital planning and…

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

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A:

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.