The support for tactical decision in a business organisation is known as
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- Under what conditions might a firm use multiple forecasting methods?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_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 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?4 .Substitute for Problem # 4 on in attachment)-Calculate the MAD,revised MAD and the Revised Forecast for months 1-6 for the following three groups,where the Forecast stands for Forecast Demand.Has your forecast improved ? Tell me how would you go about improving the revised forecast( for each of the three groups)without actually doing so? Estate Planning Group Auditing and Accounting Group Business Consulting Group Month Actual Demand Forecast Actual Demand Forecast Actual Demand Forecast 1 100 125 270 230 140 135 2 90 125 240 230 130 135 3 110 125 280 230 160 135 4 115 125 260 230 180 135 5 130 125 300 230 200 135 6 115 125 220 230 190 135Dic 2 - Time Series Analysis and F eBook Problem 6-01 (Algorithmic) Consider the following time series data. Thm Week 1 2 3 4 5 6 Value 20 13 15 11 19 13 Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. a. Mean absolute error. If required, round your answer to one decimal place. b. Mean squared error. If required, round your answer to one decimal place. c. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places. % d. What is the forecast for week 7? If required, round your answer to two decimal place.
- What method would you choose of forecasting technique, which requires subjective inputs obtained from various sources and are analyzed? O a. Judgmental forecasting method O b. Statistical forecasting method O c. Associative model O d. Time series forecasting methodNote:- 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.Describe the importance of forecasting in decision making procss of private sector and the government.
- A pizza chain wants to forecast the demand rate for each store for each hour in the day.What type of forecasting method is it most likely to deploy?a. Automated forecastingb. Expert panel forecastingc. Weather forecastingd. Macroeconomic forecasting1) Describe a scenario that you have encountered recently as a consumer where a business has either under forecast or iver forecast demand for a product that you were planning to purchase. You will generally notice under forecasting if the product is out of stock or over forecasting if there is excess inventory for the item. Describe the imolications to the retailer,manufacturer, and broader supply chain. You can present your response through thr lens of your own discpline (accounting,mafketing,etc.) if you wish. 2) Give three examples from your life in which you may forecast the future. Highlight the importance of accurate forecasting in the three examples you provide.Provide explanation Warrens Milk Tea Shop is talk of the town. As an owner, he wants to know the possible challenge he will encounter in the next three years. What technique he should use? A Contingency planning B benchmarking C forecasting D scenario planning
