List some of the operations and functions in a company that are dependent on a forecast for product demand.

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Answer 1

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

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Approach Consider the previous month's forecast to identify which technique is most effective. Use that to forecast the next month. Remember to select the forecasting technique that produces the forecast error nearest to zero. For example: a. Naïve Forecast is 230 and the Forecast Error is -15. b. 3-Month Moving Forecast is 290 and the Forecast Error is -75. c. Exponential Smoothing Forecast for .2 is 308 and the Forecast Error is -93. d. Exponential Smoothing Forecast for .5 is 279 and the Forecast Error is -64. e. Seasonal Forecast is 297 and the Forecast Error is -82. The forecast for the next month would be 230 as the Naïve Forecast had the Forecast Error closest to zero with a -15. This forecasting technique was the best performing technique for that month. You do not need to do any external analysis-the forecast error for each strategy is already calculated for you in the tables below. Naïve Month Period Actual Demand Naïve Forecast Error 3- Month Moving Forecast 3- Month Moving…

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Answer 2

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

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Answer 3

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

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Answer 4

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

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Answer 5

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Answer 6

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Answer 7

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Answer 8

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Answer 9

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Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Answer 12

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Answer 13

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List some of the operations and functions in a company that are dependent on a forecast for product demand.

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