Discuss how seasonality can affect a long-term forcecast
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Discuss how seasonality can affect a long-term forcecast
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- Explain the associative forecasting model ?There are two general approaches to forecasting namely Quantitative and Qualitative approaches. Differentiate between the two approaches to forecasting. Briefly describe Sales Force Composite and Delphi methods of qualitative forecasting.7, The accompanying dataset provides data on the monthly usage of natural gas (in millions of cubic feet) for a certain region over two years. Implement the Holt-Winters multiplicative seasonality model with no trend to find the forecast for periods 13-26, where α=0.6and γ=0.9. Then find the MAD for periods 13-24. Use the Holt-Winters multiplicative seasonality model with no trend to find the forecast for periods 13-18, periods 19-24, and then for periods 25 and 26. (Type integers or decimals rounded to two decimal places as needed.) Period Forecast 13 enter your response here 14 enter your response here 15 enter your response here 16 enter your response here 17 enter your response here 18 enter your response here Month Period Gas Usage Jan 1 250 Feb 2 234 Mar 3 149 Apr 4 140 May 5 54 Jun 6 33 Jul 7 31 Aug 8 28 Sep 9…
- Imagine you work for a breakfast cereal company that makes prepared products that are served cold. Your company wants to introduce a new hot breakfast cereal that would require some minimal preparation by the consumer. How would you propose forecasting initial demand for this product? Identify one quantitative and one qualitative technique. How do the techniques complement each other?Define time-series forecasting model and give examples.