Answered: Determine Fall's seasonal factor from…

Determine Fall's seasonal factor from the information below. Seasons Past Sales Spring 350 Summer 200 Fall 600 Winter 450 Total 1,600 Group of answer choices a. 0.8 b. 1.8 c. 2.5 d. 1.5 e. 2.0

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter6: Target Markets: Segmentation And Evaluation

Section: Chapter Questions

Problem 17DRQ: Under what conditions might a firm use multiple forecasting methods?

See similar textbooks

Related questions

Q: Below is a table containing data on product demand for the most recent three months along with the…

A: MAPE - is a statistical measure of how accurate a forecast system is. It measures this accuracy as a…

Q: Ed Rogers owns an appliance store. Sales data on a particular model of a DVD player for the past six…

A: Absolute Error = | Actual sales - Forecast | MAD = Average of Absolute Error

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: Given an actual demand of 103, a previous forecast value of 99, and an alpha of .4, the exponential…

A: Forecast using the exponential smoothing method: Demand for current period = 103 Forecast for…

Q: Rosa’s Italian restaurant wants to develop forecasts of daily demand for the next week. Th e…

A: Solution - Given that Day Week 1 Week 2 No of Customers No of Customers Tuesday 52 48…

Q: Judgmental forecasts have the following strengths, except___________. a. Can include “inside” and…

A: A prediction based on subjective data. A judgmental forecast is one that is made by someone who is…

Q: Ed Rogers owns an appliance store. Sales data on a particular model of a DVD player for the past six…

A: Using the above formulae : Actual of May = 51 Forecast of May = 36.25 alpha = 0.4 Forecast of…

Q: Successful Companies examine the future outcome using previous evidence."Does RMG in Bangladesh…

A: RMG ( Ready-made garments ) is one of the major drivers of the economy of Bangladesh. Bangladesh is…

Q: a) The 2-month Simple Moving Average (SMA) forecast for Month 6 would be: A. 565 haircuts B.…

A: In simple moving average, we take forecasted values from the previous two, three or four months as…

Q: Forecast demand again with a weighted moving average in which sales in the most recent year are…

A: ANSWER IS AS BELOW:

Q: Table Q5 Machines/Probabilities Low (0.10) 50 Moderate (0.60) 60 High (0.30) 85 Alternatives A в 60…

A: First, we need to compute the expected monetary value (EMV) for each decision alternative, as shown…

Q: Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Use α = 0.2 to…

Q: Use exponential smoothing with trend adjustment to forecast demand for period 11. Let α = 0.5, β=…

A: α = 0.5 β= 0.3 Initial trend value(I) = 12 Initial forecast (Ft) = 200

Q: Demand for haircut at PogiPoints Barber Shop has increased steadily for the past few months as seen…

A: Forecasting is the process of prediction in which sales demand is estimated using historic…

Q: Below is a table containing data on product demand for the most recent three months along with the…

A: Calculate the MSE

Q: Period 1 2 3 4 5 6 3. Using the table below, forecast using exponential smoothing. Assume the Alpha…

Q: Determine the Forecast Error for the data below using the Mean Absolute Deviation (MAD) formula.…

A: Mean absolute deviation or MAD is the mean or average value of the forecast deviation of error for a…

Q: ind Naïve Forecast, Moving Average and Weighted Average based on the data given at the below table.…

A: In the question, we have monthly data for the year 2018, I would apply forecasting techniques to get…

Q: Determine the Forecast Error for the data below using the Mean Squared Error (MSE) formula. Month…

A: Error = Forecast - Actual Demand Absolute Error = Forecast - Actual Demand Squared Error = Absoute…

Q: a) The forecast for weeks 2 through 10 using exponential smoothing with a = 0.55 and a week 1…

A: Exponential smoothing formula : Ft = At-1*α + (1- α)*Ft-1 Error = Actual value - Forecasted value…

Q: Given the sales data, compute the seasonal index for each period and forecast demand each period…

A: Given sales data - Quarter Year 1 Year 2 1 350 370 2 490 560 3 560 590 4 250 310

Q: Using a weighted moving average with weights of 0.55, 0.35, and 0.15, for periods 3, 2, and 1…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: George Kyparisis owns a company that manufactures sailboats. Actual demand for George's sailboats…

A: Calculation of average sales for each season: Season 1 2 3 4 Average Winter 1400 1200 1000 960…

Q: orecast demand for each week, including week 10, using exponential smoothing with a 5 .5 (initial…

A: Exponential smoothing is forecasting method which identifying the farecasting value based on the…

Q: Calculate the mean square error, mean absolute deviation and the Period Year Call Volume forecast…

A: Find the given details below: Given Details: Period Year Call Volume forecast Error 1 1 30 45…

Q: Determine the demand in Year 8 using a 3-month moving average using the sales table. Use weights of…

A: The answer is as below:

Q: Determine the Forecast Error for the data below using the Mean Absolute Deviation (MAD) formula.…

A: Given data is

Q: A distributor uses the following equation for forecasting demand of ski goggles: Y = 834 + 18*t,…

A: seasonal forecast is obtained by multiplying the forecast with the relative values fo the periods.

Q: Problem 1: Sheet 1 a) Find on the Internet a time series, which contains at least 20 entries.…

A: Find the Time series data below: Note that, the below data was collected from the website…

Q: a Develop a 3-week moving average forecast for Weeks 4 through 9 Develop a 3-week weighted average…

A: Moving average forecast refers to a technique of getting all the ideas trend in the data set and…

Q: Assume that the actual sales volume were 1,800; 2,000; 1,700; 1,600; 1,900; and 2,100 for Days 1 to…

Q: Local city government statistics show the rate of new driver’s license applications to be as…

Q: Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14 15 11 18 13 Using the…

A: Given information, Week Value 1 18 2 14 3 15 4 11 5 18 6 13 Total week = 6

Q: What is the expected value for the rezoned shopping center, if the rezoning cost is included (but…

A: We are only allowed to do first three parts at a time. Please post rest parts again to get answer.…

Q: The following table is given. What is the demand forecast for period 13 if the Winter model is used?…

A: Given data: Demand forecast for 8th period = 7056 Trend forecast for 8th period = 227 Observing the…

Q: Determine the Forecast Error for the data below using the Mean Squared Error (MSE) formula. Month…

A: Forecasting is the process of predicting the future demand using the previous or historic demand or…

Q: Prepare a Demand Forecast for “Year 5” using Excel.

A: The provided quarterly data for year 5 can be predicted in excel as follows: 1- In a worksheet, the…

Q: a. Compute a weighted average forecast using a weight of 0.4 for the most recent period, 0.3 for the…

A: A weighted moving average forecast is a forecast of future values based on past values. A weighted…

Q: QWE Inn has recorded the following number of rooms sold for the first quarter of the year:…

A: Given data; Actual data for Jan = 2100 Feb = 2500 March = 2550

Q: Given the actual demand of 300, the previous forecast of 300, and an alpha of 0.048 , which one of…

A: The actual demand =300 The previous forecast = 300 Alpha = 0.048

Q: 43. A retail store manager is staffing for the holiday season and plans to provide employees with…

A: Human capital relates to the workers who serve the company and their works, competencies, expertise,…

Q: Two forecasting models were used to predict the future value of a time series. These are shown in…

A: Mean Absolute Deviation(MAD) and Mean Squared Error (MSE) are the two most commonly used…

Q: Use regression or simple exponential smoothing with the following data. For exponential smoothing,…

A: Below is the solution-

Q: The following data relate to the price of rice per kg.in different years. year 1998 1999 2000…

Q: An exponential smoothing is being used to forecast demand. Which of the following alpha value (or…

A: Answer: The exponential smoothing method is a weighted moving average method which calculates the…

Q: Given the following data for demand at the XYZ Company, calculate the monthly forecast for 2003…

A: given,

Q: Following data on the demand for sewing machines manufactured by Taylor and Son Co. have been…

A: Forecasting is the process of prediction in which sales demand is estimated using historic…

Q: Local city government statistics show the rate of new driver’s license applications to be as…

Q: 5-17 Data collected on the yearly demand for 50-pound bags of fertilizer at Wallace Garden Supply…

A: Forecasting is the process of determining the estimated forecast for the future using the previous…

Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

Determine Fall's seasonal factor from the information below.

Seasons	Past Sales
Spring	350
Summer	200
Fall	600
Winter	450
Total	1,600

Group of answer choices

a. 0.8

b. 1.8

c. 2.5

d. 1.5

e. 2.0

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

Please help with the correct answers in details: Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 3 4 5 6 Value 19 14 17 12 18 15 a) Develop the three-week moving average for this time series. (Round your answers to two decimal places.) Week Time SeriesValue Forecast 1 19 2 14 3 17 4 12 5 18 6 15 What is Compute MSE? (Round your answer to two decimal places.) MSE = ? What is the forecast for week 7? b) Use ? = 0.2 to compute the exponential smoothing values for the time series. Week Time SeriesValue Forecast 1 19 2 14 3 17 4 12 5 18 6 15 What is Compute MSE. (Round your answer to two decimal places.) MSE = ? What is the forecast for week 7? (Round your answer to two decimal places.) c) Use ? = 0.4 to compute the exponential smoothing values for the time series. Week Time SeriesValue Forecast 1…
The following data show the number of liters of gasoline sold by Mackrin's in Colorado for the past 12 weeks. Which forecasting model would you recommend to Mackrin's manager? Why? What demand forecast would you recommend for week 13? Week Actual Demand (1000 liters) Forecasting (1000 liters) FSMA /A-F/ FWMA /A-F/ FES, α=0.3 /A-F/ 1 17 2 21 17 4 3 19 18.2 0.8 4 23 19 4 18.44 4.56 5 18 21 3 20.8 2.8 19.81 1.81 6 16 20 4 20 4 19.3 3.3 7 20 19 1 18.3 2.3 18.31 1.69 8 18 18 0 18.7 0.7 18.82 0.82 9 22 18 4 18.2 4.2 18.6 3.4 10 20 20 0 19.8 0.2 19.62 0.38 11 15 20 5 20.2 5.2 19.73 4.73 12 22 19 3 18.2 3.8 18.3 3.7 13 19 19.5 19.41 MAD 2.67 2.9 2.7 MSE 10.22…
Historical sales data is shown below. Week Actual Forecast 1 328 300 2 272 3 245 4 223 5 205 6 Using alpha (α) = 0.2, what is the exponential smoothing forecast for period 6? Note: Round your answer to 2 decimal places. 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.
What factors make forecasting at Deckers particularly challenging? Howcan forecasts be made for seasonal, fashionable products for whichthere is no history file? What are the costs of over-forecasting demandfor such items? Under-forecasting?
Corporate triple-A bond interest rates for 12 consecutive months follow. 9.6 9.4 9.5 9.7 9.9 9.8 9.8 10.6 10.0 9.8 9.6 9.6 (b) Develop three-month and four-month moving averages for this time series. (Round your answers to two decimal places.) Month Time SeriesValue 3-Month MovingAverage Forecast 4-Month MovingAverage Forecast 1 9.6 2 9.4 3 9.5 4 9.7 5 9.9 6 9.8 7 9.8 8 10.6 9 10.0 10 9.8 11 9.6 12 9.6 (c) Using the more accurate forecast, what is the moving average forecast for the next month? (Round your answer to two decimal places.)
Chapter 14 1. How would you conduct a trend analysis? Provide an example. 2. Explain the three different source of information and forecast assumptions. Chapter 15 3. Explain the four common uses of comparisons that the manager will find helpful. Chapter 16 4. Explain the importance of assumptions when building a budget? Chapter 17 5. Explain the rationale for replacing existing equipment with new equipment.
What is the concept of seasonality? How do we forecast based on seasonal data?
Interpret the MAD of the most accurate among the forecasting models below. A. Naïve approach;B. 5-month SMA model;C. WMA model with weights 0.1, 0.3, and 0.6; orD. ES model with α = 0.5 and a forecast of 3,500 liters in the first month.
9) Gasoline sales Times Series week sales (1000s of gallons 1 17 2 21 3 19 4 23 5 18 6 16 7 20 8 18 9 22 10 20 11 15 12 22 With the above gasoline time series data, show the exponential smoothing forecast using alpha = 0.1 i)Applying the MSE measure of forecast accuracy, would you prefer a smoothing constant of Alpha= 0.1 or alpha=0.2 for the gasoline sales time series? ii)Are the results the same if you apply MAE as the measure of accuracy? iii)What are the results if MAPE is used?
4 .Substitute for Problem # 4 on in attachment)-Calculate the MAD,revised MAD and the Revised Forecast for months 1-6 for the following three groups,where the Forecast stands for Forecast Demand.Has your forecast improved ? Tell me how would you go about improving the revised forecast( for each of the three groups)without actually doing so? Estate Planning Group Auditing and Accounting Group Business Consulting Group Month Actual Demand Forecast Actual Demand Forecast Actual Demand Forecast 1 100 125 270 230 140 135 2 90 125 240 230 130 135 3 110 125 280 230 160 135 4 115 125 260 230 180 135 5 130 125 300 230 200 135 6 115 125 220 230 190 135
UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. PREDICTED DEMAND Period Demand F1 F2 1 68 67 60 2 75 67 67 3 70 71 70 4 74 69 72 5 69 71 77 6 72 70 77 7 80 72 75 8 78 75 83 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) c. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and and final answers to 2 decimal places.)
UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. PREDICTED DEMAND Period Demand F1 F2 1 68 67 60 2 75 67 67 3 70 71 70 4 74 69 72 5 69 71 77 6 72 70 77 7 80 72 75 8 78 75 83 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.)