What is seasonality?How do we forecast using data that has seasonality?
Q: snip
A: When one forecasting technique is more accurate than another technique when applied to past data the…
Q: When to use of a time series forecasting technique, what assumptions are made?
A: The statistic techniques uses statistic on historical data and therefore the variables forecasted.…
Q: Develop a forecasting plan
A: The following steps are using for developing a forecasting plan. We have,We are collecting data for…
Q: Explain how do we measure accuracy of a forecasting model
A: We utilize the following criteria to determine a prediction model's efficiency:
Q: Explain what benefits as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change frequently, the exponential smoothing method is superior.…
Q: Explain when to use of a time series forecasting techniques and what assumption are made ?
A: The statistical procedures perform statistical analysis on historical data to forecast the…
Q: What type of forecast model would be most appropriate for a company that was introducing a new…
A: Forecast model:A forecast model is a mathematical model used to forecast future demand for a…
Q: Explain what is seasonality and how forecast is done using data that has seasonality
A: In time series analysis, seasonalities are regarded as repeated up / down cyclic patterns in serial…
Q: Identify the three forecasting time horizons. State anapproximate duration for each.
A: With the help of forecasting we can predict what will be happing in the future. It can be done by…
Q: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
Q: What are ways of managing a poor forecast?
A: A bad forecast presupposes that there has been a mismatch between the demand and supply as a result…
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: Compute a 3-month weighted average forecast for months 4 through 9. Assign weights of 0.55, 0.33 and…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. There are…
Q: What happens to the ability to forecast for periods farther into the future?
A: Forecasting is the tool that uses the historical data as the inputs in order to make the informed…
Q: What advantages as a forecasting tool does exponential smoothing have over moving averages?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: Describe in detail what is a time series forecasting model ?
A: Forecasting is a type of prediction approach that can be used to make future judgments based on past…
Q: What are some of the consequences of poor forecasts? Explain.
A: The Consequences of the poor forecast are:
Q: What is a time-series forecasting model?
A: Forecasting is an important instrument to predict the future. Every organization needsforecasting to…
Q: Please explain what meant by forecasting with least squares
A: Forecasting is a technique for creating accurate predictions based on data. It is used to foresee…
Q: what are the benefits of exponential smoothing forecasting?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Explain what can a company do to resolve the problem of forecasting accuracy?
A: Forecasting is the technique of anticipating the future using facts from the past and present.…
Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?
A: As a forecasting function, exponential smoothing has the following benefits over running averages:…
Q: How has the technology had an impact on forecasting?
A: Technology plays an important role in forecasting and has the ability to have a huge impact. We will…
Q: Discuss the time horizons for doing forecasting, and also identify 2 activities that are forecasted…
A: Forecasting is the strategy of anticipating what will be occurring soon it is utilized by numerical…
Q: Explain the distinction between short- and long-term forecasts?
A: Forecasting is a technique that enables the generation of educated forecasts by utilising historical…
Q: Can you tell the difference between "correct" and "true" when it comes to forecasting?
A: Forecasting is important in supply chain management because the production and inventory process of…
Q: What are the challenges involved in forecasting?
A: Concept Introduction : Organizations use forecasting as a tool to think about and plan for the…
Q: How would you choose the appropriate number of factors to use in a forecasting model and how would…
A: Note: "Since you have asked multiple questions, we will solve the first question for you. If you…
Q: A time-series trend equation is 25.3 + 21x. What is your forecast for period 7? A. 32.3 B.…
A: Forecasting is the process in which future demand is determined by estimation using previous data or…
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: Explain why is accurate forecasting so important to companies that use a continuous replenishment…
A: Forecasting is the practice of making future assumptions based on historical and current data, most…
Q: Define and explain the forecasting technique which places more emphasis on recent values and explain…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: From the choice of simple moving average, weighted moving average, exponential smoothing, and linear…
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: Explain the analytical tools and methods used in forecasting ?
A: Many statistical techniques are used to examine the data, which helps to summarize data first from…
Q: Forecasting follows seven basic steps. What are they?
A: Forecasting is a tool that allows educated predictions using historical data as inputs that are…
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: Forecasting can be classified into which basic types?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: What forecasting tool is most appropriate when closely working with customers dependent on your…
A: CPFR (Collaborative planning, forecasting, and replenishment) is a forecasting tool that is the most…
Q: What is the concept of seasonality? How do we forecast based on seasonal data?
A: Seasonality of time series data refers to the phenomenon of recurrent up and down periods in series…
Q: State and describe the forecasting technique which places more emphasis on recent values and explain…
A: To be determined: the forecasting technique which places more emphasis on recent values and explains…
Q: Explain how the technology of forecasting can be improved
A: Forecasting is a long-term and short-term activity that the company engages in on a regular basis.…
Q: Discuss what is seasonality and how forecast is done using data that has seasonality?
A: Time series analysis describes seasonal patterns as recurrent upward and downward cyclic patterns in…
What is seasonality?
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- What forecasting techniques are used in the management of technology and innovation?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 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?The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?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?
- Imagine you work for a breakfast cereal company that makes prepared products that are served cold. Your company wants to introduce a new hot breakfast cereal that would require some minimal preparation by the consumer. How would you propose forecasting initial demand for this product? Identify one quantitative and one qualitative technique. How do the techniques complement each other?Explain the trade off between responsiveness and consistency in a time series forecasting system?