Describe the exponential smoothing forecast?
Q: he formula of exponential smoothing method of forecastin
A: Exponential smoothing is a time series forecasting method for univariate data. Exponential smoothing…
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: Using a 3 period moving average, what is the forecast for day 8?
A: 3 period moving average is a forecasting model which helps to identify the forecast as the average…
Q: three-period moving average. A weighted average using weights of .50 (most recent), .20 and .30.…
A: forecasting is a method which helps to predict the unknown future based on the known past…
Q: State the various uses of forecasting in points wise answer
A: The pattern is regarded as the predictive method to decide on the company.
Q: Explain linear trend forecast?
A: Forecasting is the technique of accurately estimating future demand for the goal of planning future…
Q: Give three example of unethical conduct involving forecasting and the ethical principle each…
A: Deceptive conduct is an activity that falls outside of what is considered ethically right or…
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: The Oceanside Hotel is adjacent to City Coliseum, a 24,000-seat arena that is home to the city’s…
A: Given data is
Q: What are the benefits of exponential smoothing over moving average forecasting?
A: The following are the advantages of exponential smoothing over moving averages as a forecasting…
Q: What advantages does exponential smoothing have over movingcaverages as a forecasting tool?
A: The following are the benefits of exponential smoothing as a forecasting tool over moving averages.…
Q: Given a 3-quarter period of actual and forecast demand as shown in the table. The company ABC sets a…
A: A forecasting method is a managerial tool which help to predict the unknown future based on…
Q: No single forecast methodology is appropriate under all conditions True or false?
A: Answer: What is Forecasting: Forecasting is an attempt to predict future events which will be used…
Q: Explain quantitative forecast methods?
A: The quantitative method of forecasting uses numerical and prior effects to predict the possible…
Q: State when is the time series forecasting is used ?
A: Forecasting is a process that utilizes historical information and reports to forecast future events.
Q: Explain why forecasts are generally wrong.
A: Forecasting is used to predict future changes or demand patterns.
Q: Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing…
A:
Q: a. Solve for the forecast equation. b. Forecast the four quarters of year 5.
A: Operations management is a branch of management in which the production process and service of the…
Q: e least-squares regression method, the trend equation for forecasting is
A: Least square regression equation helps to identify the value of depending variable based on the…
Q: Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week…
A: Forecasting is a process that uses recorded data as inputs to make informed estimates that are…
Q: List the various type of analytical tools and methods used in forecasting?
A: Numerous statistical approaches are used to examine the data, which enables the data to be…
Q: ) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Q: The operations manager using a combination of methods has forecast sales of Lomi Cup Orders at the…
A: Given data is
Q: What should be our forecast accuracy target if there is a high degree of volatility in customer…
A: Forecasting is the process of estimating the future demand according to the historic or previous…
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: 3 -period moving average forecast = At-1+At-2+At-33 Where, At-1= Actual data of previous period t…
Q: How does the number of periods in a moving average affect the responsiveness of the forecast?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: Sunrise is planning its purchases of ingredients for bread production. If bread demand had been…
A: Exponential smoothing could be a statistic statement technique for univariate information that may…
Q: Give three examples of unethical conduct involving forecasting and the ethical principle each…
A: Forecasting is the planning process that helps to predict the future demand using present or past…
Q: Explain how does adjusted exponential smoothing different from exponential smoothing?
A: Exponential smoothing augments the observation with diminishing weights as it ages. In other words,…
Q: Apply collaborative techniques to forecast demand.
A: Collaborative forecasting is the process for collecting and reuniting the information from different…
Q: Explain how do exponential smoothing have benefits over shifting averages as forecasting tool
A: The merits of autoregressive moving as a prediction approach are considerable in comparison to…
Q: Explain FORECAST ACCURACY?
A: Forecasting is the process of estimating future demand using the present and past data. The demand…
Q: In January, a car dealer predicted February demand for 150 Honda Accord. Actual February demand was…
A: The forecast value for March at 0.20 smoothing constant is 152.6. The forecast value for March at…
Q: List the analytical tools and methods used in forecasting?
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: Give an example of forecasting a pet store
A: The forecast is defined as the projection based on past data. Past data, though, is factual, yet…
Q: Apply the following forecasting techniques of the data to estimate the demand in period 13: a.…
A: In the question, There are time-series data, actual demand data are given over the past 12 quarters.…
Q: Using a numerical example, demonstrate to Mr. John how he can use the manual trend projection method…
A: The trend projection method is a classical forecasting method, concerned with variable movement…
Q: Describe the process of Forecasting in the Service Sector?
A: Forecasting is the way toward making forecasts of things to come dependent on over a wide span of…
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.…
Describe the exponential smoothing
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- Under what conditions might a firm use multiple forecasting methods?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
- 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?
- 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?How do exponential smoothing have benefits over shifting.averages as a forecasting tool?Explain how do exponential smoothing have benefits over shifting averages as forecasting tool ?