Define business analytics (BA)
Q: What assumptions do qualitative forecasting systems make ?
A: Forecasting: It is a technique which uses the data from the previous period as an input to make…
Q: Explain what is a qualitative forecasting model and it uses under forecasting ?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Explain what us qualitative forecasting model and when should it be used
A: Qualitative approach is a way of evaluation based on subject specialists and not on numeric…
Q: V. Let's Explore / Let's Create 1. Discuss the other types of forecasting methods that financial…
A: Disclaimer: Since you have asked multiple question, so we will solve the first question for you. If…
Q: advantages of forecasting
A: Forecasting is the technique that uses historical data as inputs to make informed estimates that are…
Q: List the seven steps in the forecasting system?
A: Identify the problem: It is the step where the given problem is analyzed along with all the members…
Q: Explain what are the forecasting process principles?
A: Forecasting is the science of forecasting what will occur in the future based on past and current…
Q: What is the connection between forecasting and quality control?
A: TQM can be thought of as a control framework for a client organisation that actively promotes…
Q: Describe the methods utilised to create the forecasting approach?
A: Forecasting is a continuous process that businesses engage in on a short and long-term basis. It…
Q: Describe the four most popular qualitative forecasting approaches.
A: Forecasting is the practise of reliably identifying demand for the purposes of potential output…
Q: Discuss the strategic importance of forecasting at an healthcare business organization. Provide two…
A: Using the present data available, predicting the future occurrences or event to be happening is…
Q: A reputable FMCG company is holding its Annual Sales Conference on January 30th 2021 for its New…
A: The sales forecast is a prediction of sales in monetary or physical units over a given period of…
Q: What category of forecasting techniques uses managerial judgment in lieu of numerical data?
A: Qualitative forecasting.
Q: List the specific weaknesses of each of these approaches to developing a forecast:a. Consumer…
A: Forecasting: Forecasting is the process of identifying the demand accurately for future production…
Q: Explain what is the connection between forecasting and quality control?
A: Total quality management (TQM) is a never-ending process that involves identifying and avoiding or…
Q: Identify and explain 3 advantages and 3 disadvantages of business analytics.
A: Introduction Business analytics is the study of skills, innovations, and techniques for the…
Q: Define Multiple Regression Analysis?
A: Multiple regression analysis is also known as multiple linear regression (MLR) is a statistical…
Q: List the specific weaknesses of each of these approaches to developing a forecast:b. Salesforce…
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: What are the seven steps taken in forecasting system?
A: Forecasting: Forecasting is the process of accurately estimating demand for future production…
Q: What are the two most important factors of forecasting techniques.?
A: Forecasting is a tool for finding future predictions and trends by analyzing past and present data.
Q: Differentiate between Regression and Correlation Analysis?
A: The differences between correlation analysis and regression analysis is given below: Correlation…
Q: want a reflection about this 4 markting topics 1.consumer behaviour: 2.BCG matrix 3.survey methods…
A: Marketing is a process of promoting the products and services through different channels. It…
Q: Whai is Time-series forecasts?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Talk about Judgmental forecasts?
A: Judgmental forecasting is the forecasting process carried when there is a complete lack of any…
Q: Describe the relationship of forecasting types with product life cycle (PLC)
A: Forecasting request is a vital contribution to production arranging, yet request is impacted by the…
Q: Suppose a researcher collected data for his study from the annual financial reports of the ABC…
A: The process used by the organization or individual to systematically collects the data and…
Q: Describe the Analysis of Variables?
A: Introduction of sensitivity analysis The kind of changes that occurs in the Coefficients of a…
Q: Which of the following is not a type of qualitative forecasting? A. Delphi method B. naive…
A: Research helps in forecasting the future which further helps in taking better decisions and in…
Q: The role of forecasting in ensuring proper management of customer orders
A: Forecasting: Forecasting is the way toward projecting past sales demand into the future. Executing…
Q: Describe four (4) features common to all forecasts techniques.
A: Forecast is study of previous data and trends to predict values which helps in decision making.…
Q: Disadvantages of forecasting
A: Forecasting is a technique used in business where the decisions regarding future trends are taken…
Q: Which one of the following is considered a disadvantage of sales force composite method of…
A: The Sale Force Composite Method is a sale forecasting method wherein the sales specialists forecast…
Q: Summarize various visual data analysis techniques which can be helpful for prediction of market…
A: visual data analysis or data visualization refers to present data and information in graphic…
Q: The expert’s opinion and the test marketing methods are examples of Qualitative and Quantitative…
A: Forecasting helps in predicting the future. Every organization needs forecasting to plan the…
Q: Define Tactical forecasts?
A: Forecasting is the process of estimating future demand based on the present and past data. The…
Q: Differentiate macro and micro forecasting
A: Macros forecasting is part of forecasting external factors affecting the firm whereas micro…
Q: Describe qualitative forecasting?
A: Qualitative forecast uses expert intuitive judgment rather than a scientific analysis. This…
Q: Define what is Qualitative method of forecasting
A: Qualitative forecasting refers to the estimation methodology that uses professional judgment instead…
Q: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
Define business analytics (BA)
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- Using Table 5.3, choose the appropriate survey method(s) you would use to collect primary data for one of your information needs. What sampling method would you use?How does a food company forecast demand for its meat snack and sausage products? Oberto Sausage, an 85-year-old family business in Washington State, sells beef jerky and other packaged meat products, such as pork rinds and smoked sausage sticks, directly to mass merchandisers and supermarket chains. Oberto has been enjoying double-digit growth. The company has also been expanding its consumer marketing efforts into the digital realm; it recently concluded a successful sweepstakes promotion that invited participants to text in their entries from their cell phones. Growing demand means accurate forecasting is critical to Oberto’s ability to provide a steady supply of fresh products to the right places at the right time. Forecasting also ensures Oberto has the necessary ingredients and packaging available to fill orders on time. In its recent search for a new computer-based forecasting system, the company looked for a way to create a model of routine and ongoing…Explore the ethical considerations in utilizing predictive analytics for customer behavior forecasting in CRM.