1. A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 90 percent of capacity; actual usage was 87.6 percent of сарacity. A smoothing constant of .1 is used. a. Prepare a forecast for September. b. Assuming actual September usage of 92 percent, prepare a forecast for October usage.
Q: Sara manages one of the Albireds shoe lines, and is working to improve the group's forecasting…
A: Given data is
Q: A. The Naive Approach B. Three month moving average C.A weighted moving average using 0.60 for the…
A: Forecasting techniques are used to predict future events. Forecasting is the process of estimating…
Q: 1. Food trucks have become a common sight on American campuses. They serve scores of hungry…
A: 3-period moving average forecast =At-1+At-2+At-33 Exponential smoothing forecast, Ft+1 = αAt+(1-α)Ft…
Q: A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage…
A: ANSWER : a. Forecast for September. Smoothing constant (α) = 0.1 Forecast for August (Ft) = 90%…
Q: 17. Statistical and observational methods, where adequate data or settings are available in which to…
A: Forecasting: It means the prediction of the future period. The prediction will be done based on the…
Q: EXERCISE 9 - FORECASTING Question 1 The following data summarizes the historical demand for a…
A: Given- Month Actual Demand March 20 April 25 May 40 June 35 July 30 August 45
Q: Problem 4 - do both a three period moving average and an exponential smoothing forecast with an…
A: Forecasting is the process of predicting the future demand based on the previous data and demand.
Q: When the American Airlines CEO developed yield management, what type of information was crucial to…
A: We know that, Forecasting is a strategy that utilizes previous data as inputs to produce…
Q: Question 1 One use of short-range forecasts is to determine planning for new products. (A) True (B…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Consider the following actual (A,) and forecast (F,) demand levels for a commercial multiline…
A: The forecast for period 5 can be computed as follows:
Q: Predict the number of requests for week 6 using each of these methods: a. Naïve b. A four period…
A: Forecasting is the process of estimating the future demand according to the previous or historic…
Q: (a) What are the optimal values? (b) Develop a visualization comparing the forecasts with the…
A: There are many methods to find the optimal forecasted values like the moving averages method,…
Q: Process thinking alludes to: Select one: a. Value added activities b. Careful consideration of…
A: 1- OPTION -B - Careful consideration of individual products 2-OPTION -A -Use of…
Q: Question Three: Jane is trying to forecast demand for her store, using moving average with n=2, Fill…
A: Find the given details below: Given details: Year Quarter Enrollment 1997 1 313 2 285…
Q: Question 3: Jane is trying to forecast demand for her store, using moving average with n-2, Fill in…
A:
Q: 4. Simple Exponential Smoothing: Use a smoothing parameter, α = 0.3. Month Ft 1 2 3 4 5 678 9 10 No.…
A: Exponential smoothing is a forecasting model which using the actual demand and forecasting f=demand…
Q: Question 2 Differentiate between independent and dependent variable in forecasting The last seven…
A: The major differences between the dependent variable and independent variable are the following:…
Q: Using Figure 7.6 in the discussion of value-stream mappingas a starting point, analyze an…
A: A Small Introduction About Forecast Forecasting is beneficial to businesses because it helps them…
Q: What are the pros and cons of doing that
A: Sales forecasting refers to the process of estimation of future expected sales, based upon the…
Q: QUESTION 9 The following is the actual sales for Manama Company for a particular good: t Sales 19 23…
A: t sales x y 1 19 2 23 3 22 4 27 5 34
Q: Indicate how and why each of these factors is important to thesuccessful operation of a…
A: Forecasting is used to predict future changes or demand patterns. It involves different approaches…
Q: Al Maha Plastic manufacturing Companies last Six weekly values of Sales were 90, 110, 115, 135, 140,…
A: ERROR= ACTUAL SALES -FORECAST MAD = ABSOLUTE CUMULATIVE ERROR/ WEEK NUMBER TRACKING SIGNAL=…
Q: Forecasted Statements and Ratios Upton Computers makes bulk purchases of small computers, stocks…
A: Ratio forecasts are utilized to apply a client input ratio to a current gauge to ascertain another…
Q: QUESTION # 7 A small restaurant offers tacos to their patrons. One of their specialties is the Mega…
A: Given Information: a) The forecasted demand for using a moving average with n = 3 is :
Q: Use exponential smoothing with smoothing constant 0.4 to complete the table. b) Forecast the next…
A: THE ANSWER IS AS BELOW:
Q: constants of .6 and .9, develop fo recasts for the sales of VWBeetles. What effect did the smoothing…
A: Note: - Since the data for the 'Volkswagen Beetles' question is not given we will answer the…
Q: 101 Management's Forecast 122 114 a) What is the MAD for the forecast developed by management sales…
A: MAD shows the average deviations of the forecasted values in comparison to actual sales. MAPE is…
Q: i. Differentiate between independent and dependent variable in forecasting. ii. The last seven…
A: The major differences between the dependent variable and independent variable are the following:…
Q: E.25 Using the accompanying log-log graph, answer the following questions: a) What are the…
A: As per Bartleby's guidelines, we only answer the first three subparts in case the question has…
Q: The following table shows the actual sales of upholstered chairs for a furniture manufacturer and…
A: Using the formulas for the measures CFE - -15 (the sum of the errors for al time periods in the time…
Q: Being an Operational Manager, guide with reasons for the company to use appropriate forecasting…
A: Forecasting in the service sectors may provide some unusual challenges. One of the major challenge…
Q: Calculate MSE for the 4 periods for which the actual and forecasted number of customers given in the…
A: Formula:
Q: Statement I Statement 2 SC Middle manager are the ones responsible for setting operations goals and…
A: In Bartleby's policy, providing reference is not allowed.
Q: Seatwork Compute for MAD, MSE and MAPE using Moving Average Model (past 3 Weeks), В. А. Exponential…
A: Forecasting is the process of estimating the future demand or sales using the previous years or…
Q: F1 = F, + a(D, – F,) MA3 = (D1+D2+D3)/3 1+1 Week Calls МАЗ ES Squared Errors with MA3 Squared Errors…
A: 1) The 3-period moving average forecast can be determined in excel as follows: Thus, the forecast…
Q: QUESTION 9 Use the table below to answer the following questions (Choose only the letter) Periods…
A: Given data- Periods Observations 1 24 2 34 3 36 4 37 5 41 6 44 7 45
Q: CASE EXERCISE 3 "Demand Forecasting for an Insu For the past five years, an i 25,000 insurance…
A: Demand forecasting is the technique of estimating future customer demand over a predetermined time…
Q: Determine the forecast of next year’s quarterly sales revenue for this line of laptops. Show all…
A: Below is the solution:-
Q: 9 438 18 482 a. Explain why an averaging technique would not be appropriate for forecasting. b. Use…
A: Forecasting is an important part of any business. It helps to predict future demand and production…
Q: Medanalysis, Inc., provides medical laboratory services to patients of Health Providers, a group of…
A:
Q: Questions: 1. What are some of the potential benefits of a more formalized approach to forecasting?…
A: The process that uses to predict the future based on past data is known as forecasting. The…
Q: Given the following sales data: week 1: 203 week 2: 185 week 3: 164 week 4: 151 week 5: 115 Forecast…
A: Given Sales Data - Week 1 203 Week 2 185 Week 3 164 Week 4 151 Week 5 115
Q: q. 15 Calculate the accuracy of your MA forecasts using MAD. What does the result tell you?…
A: Given-
Q: Bradley's Copiers sells and repairs photocopy machines. The manager needs weekly forecasts of…
A: Given data-
Q: 20. Mercado Foundation, aims to help the pandemic front liners of education of Santa Cruz,…
A: Manufacturing is the process of converting the raw materials and resources into finished output for…
Step by step
Solved in 2 steps with 2 images
- Under what conditions might a firm use multiple forecasting methods?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?QUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150a. Using the following, forecast the sales for the months up to January the following year:-i. A simple three month moving average. ii. A three period weighted moving average using weights of 1, 2 and 3. Assign thehighest weight to the most recent data. iii. Exponential Smoothing when α= .6 and the forecast for March is 350.iv. Determine which of the three forecasting technique is the most accurate usingMAD. b. The following table shows the number of televisions sold over the last ten years at alocal electronic store.YEAR TV SALES1 1502 3003 4804 6005 6306 6407 7008 8259 90010 980i. Using trend projection, develop a formula to predict sales for years 11 and 12. Youhave to show all working. You will need to develop a table to calculate the slope andthe intercept.…1. The FedEx Company supports its global network, the company has 51 customer service call centers, whose service goal is to answer 90% of calls within 20 seconds. With million daily calls, FedEx makes extensive use of forecasting models for the number of calls, average handling time, and staffing decisions and to ensure the highest customer satisfaction. Question: Being an Operational Manager, guide with reasons for the company to use appropriate forecasting models.
- QUESTION 1 The table below shows the sales figures for a brand of shoe over the last 12 months. Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150 a. Using the following, forecast the sales for the months up to January the following year:-i. A simple three month moving average. ii. A three period weighted moving average using weights of 1, 2 and 3. Assign thehighest weight to the most recent data. iii. Exponential Smoothing when α= .6 and the forecast for March is 350.iv. Determine which of the three forecasting technique is the most accurate using MADIndicate how and why each of these factors is important to thesuccessful operation of a supermarket:b. ForecastingQUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150 a. Using the following, forecast the sales for the months up to January the following year:-i. A simple three month moving average
- 2. Calculate the exponential smoothing forecast for week eight using a=0.2. Week Sales Forecast 1 39 2 44 3 40 4 45 5 38 6 43 7 39 a. 41.63 b. 39.98 c. 40.54 d. 40.03 Instruction: This is consists of one (1) multiple choice question. The question requires deep analysis. Choose the appropriate response for the question. A detailed working out should accompany the responses.QUESTION 5 Choose the answer with the best match. Elements of a Good Forecast, Meaningful: The benefits should outweigh the costs It should work consistently The degree of accuracy of the forecast should be stated The forecasting horizon must cover the time necessary to implement possible changes so that its results can be used The units measured should be useful to those using the forecast QUESTION 6 There are two main approaches to forecasting. Choose the best two: Quantitative, Consumer Judgmental, Quantitative Sales force, Judgmental Historical, Consumer Expert, Executive QUESTION 7 Describe the following: Andon Maintaining equipment in good condition Maintaining a workplace that is clean System for moving work to the next station as it is completed System of lights used at each workstation to…5. (a) When a new business is started, or a patent idea needs funding, venture capitalists or investment bankers will want to see a business plan that includes forecast information related to a profit and loss statement. What type of forecasting information do you suppose would be required? (b) A picnic spot is open on Thursday, Friday and Saturday. The manager hopes to improve resource availability and scheduling of part-time employees by forecasting visitors in the next week. Data on visitors of the recent 5 weeks at the spot has been found. On Saturday, Thursday, and Friday there were 182. 95, and 280 in week 1; 197, 105, and 295 in week2; 178, 92, and 275 in week 3; 210, 109, and 305 in week 4; and 192, 100. and 284 in week 5. i. Find seasonal relatives of the days. ii. Forecast number of visitors in the resort for week 6 and that is for the days of week 6.