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- ______________ is the process of estimating the size of the staff needed to meet a company's overall goals. a) forecasting b) guesstimating c) proportioning d) right-sizingb) Use exponential smoothing with a smoothing constant of 0.30 to forecast the sales. Assume that last period’s forecast for month 1 is equal to actual to begin the procedure. b. Which method do you think is best? Is this an improvement over the weighted average- use MAD only ?As a small business owner, Emil understands the importance of sales forecasting to entrepreneurial success. Which of the following is correct regarding a sales forecast? Organizations rely on correlation analyses as their exclusive sales forecasting method. It is an estimate of the amount of a product that an organization expects to sell during a certain period of time. The accuracy of a sales forecast is not important. It is based on an unspecified level of marketing effort. 4
- 32 ______ refers to the use of a detailed and planned approach to any activity: Select one: a. Strategic orientation b. Forecasting c. Proactive planning d. Long term planning.............. help you to make better decisions, or to plan your business strategy, by challenging your assumptions about the future. Select one: O a. Single-point forecasting O b. Scenario analysis O c. Alternative futures forecasting O d. Range forecastingwhich of the following statements is not true? a. the purpose of forecasting is to generate good forecasting on average over time, b. Forecasting for a shorter time period are usually more accurate than forecasting for a longer time horizon. c. it is difficult to forecast accurately; indeed, it is impossible. d. forecasting for groups of items are often less accurate than forecasting demand for single items
- Which of the following is important if forecasting is to have the desired positive effect on decisions? A. Communication between forecast staff and managment B. Ranges of forecast are reported to managment C. Forecast combination is examined D Forecast presentations should not be overly technical unless managment desires E All of the above Note:- 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.Business analytics can be of three types: descriptive, predictive, and prescriptive. Describe each of those. Imagine you are a data analyst in FedRetail, an online retail shop. Your manager wants a forecast of the sell in the upcoming Christmas season. What kind of analysis you should do to find out your manager's query? Explain.Which of the following is not true of qualitative forecasting methods? a. They generally work best when combined with a quantitative approach b. They are more objective than quantitative methods c. They are largely non-mathematical d. They are not restricted to only the quantifiable data e. They come with the danger of biasing the forecast due to subjectivity Explain both true and false options briefly
- Direction: Read and understand each question. Write True if the statement is correct, while False if the statement is incorrect. __________1. When sales exceed the cost to produce goods its result is called forecasting. __________2. Forecasting is a planning tool that helps the entrepreneur cope with uncertainties in his future operation. __________3. Costs incurred through payment of utilities such as water and electricity are called operating expenses. __________4. Mang Selo is a fruit vendor. Selling fruits is an example of a service concern business. __________5. Loss is a result when cost to produce goods is greater than the sales.Which of the following methods lends itself to forecasts for long-term emerging phenomena or revolutionary technologies? A. the sales force estimate technique B. the delphi method C. the jury of executive opinion method D. market testingK 2. Setting an advertising budget is a forecasting exercise. What are the fundamental principles that should be adhered to when undertaking forecasting? Be conservative and use the best evidence-based technique available Be innovative and use multiple methods and choose the optimal one Be conservative and use multiple evidence-based techniques, taking the average result Be innovative and use multiple evidence-based techniques, taking the average result