Discuss when is time series forecasting used?
Q: Use a three-period weighted-moving average forecast to determine a forecast for the 8th week using…
A: THE ANSWER IS AS BELOW:
Q: snip
A: When one forecasting technique is more accurate than another technique when applied to past data the…
Q: Calculate the simple 3-month moving average forecast for December - March
A: Given data is
Q: Explain the term “wrong” as it pertains to a good forecast?
A: In forecasting techniques, the word "wrong" refers to a difference between the real and forecasted…
Q: What are the use of a time series forecasting and what assumption are made ?
A: Globalization is the process of contact and connection between people, businesses, and governments…
Q: Discuss the basic assumptions made when using time series forecasting techniques as opposed to…
A: Several assumptions are made during the Time Series Initial Phase.
Q: Identify the critical conditions and trade-offs to take into account when selecting forecasting…
A: When choosing the forecasting technology, the important considerations cost and accuracy are…
Q: Explain what benefits as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change frequently, the exponential smoothing method is superior.…
Q: In your own words, explain adaptive forecasting.
A: Forecasting is the term which is defined as the technique that uses the data which is historical in…
Q: Based on the above data calculate the demand for May using a five-month moving average Calculate the…
A: Forecasting is the process of predicting future demand based on previous demand and information.
Q: Identify the three forecasting time horizons. State anapproximate duration for each.
A: With the help of forecasting we can predict what will be happing in the future. It can be done by…
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 the basic assumptions made when using time series forecasting techniques as opposed to…
A: The Time Series Initial Phase makes a variety of assumptions.
Q: Explain when to use a time series forecasting techniques
A: The statistical techniques are applied to past records and hence to the projected variables.…
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: Describe in detail what is a time series forecasting model ?
A: Forecasting is a type of prediction approach that can be used to make future judgments based on past…
Q: Explain the relationship between forecasting and quality management?
A: Total quality management (TQM) is a continual process of identifying and avoiding or eliminating…
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: hillip Cane, the managing editor of Your Life Magazine, needs to develop a forecasting system for…
A: Month (2020) Sales May 50…
Q: Explain the methods that are used to develop the forecasting methodology
A: Forecasting is a continuous activity that the business employs in both the short term and long term.…
Q: Explain what can a company do to resolve the problem of forecasting accuracy?
A: Forecasting is the technique of anticipating the future using facts from the past and present.…
Q: What forecasting technique makes use of written surveys or telephone interviews?
A: Ans- Forecasting is the process of making assumptions of the future on the basis of past and present…
Q: Corporate triple-A bond interest rates for 12 consecutive months follow. Month 1 2 3 4 5 6 7 8 9 10…
A: a)
Q: Types of Forecasts that might be needed in IKEA
A: Let’s first understand the meaning of Forecasting and types of Forecasting. Forecasting can be…
Q: Justify the trade-off between responsiveness and consistency in a time-series forecasting system.
A: TradeoffTradeoff is a situational decision taken approach, that involves diminishing quality,…
Q: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
Q: Explain the difference between qualitative and quantitative approaches to forecasting. Describe…
A: Forecasting is the method of forming foresight dependent on historical and existing or present…
Q: Forecast is calculating estimates of future cycle/s based on data of past cycles -- there is no…
A: Forecasting is a prediction method that can use historical data and current market trends and…
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: What effect does the number of cycles in a moving average have on the forecast's responsiveness?
A: In order to estimate potential demand, the Moving Average (MA) projection method uses the MA formula…
Q: What is seasonality?How do we forecast using data that has seasonality?
A: Seasonality in time series data is the occurrence of repetitive up and down cycles in series values…
Q: How do exponential smoothing have benefits over shifting.averages as a forecasting tool?
A: The benefits of exponential smoothing are as a prediction tool compared to moving averages.
Q: Describe the uses of qualitative, time-series, and causal forecasts.
A: Qualitative Forecasts are used when data as a historical series is not available, or is not relevant…
Q: Identify and explain the areas other than mentioned where the Hard Rock Cafe could use forecasting…
A: Hard Rock Cafe, Inc. is a chain of subject eateries established in 1971 by Isaac Tigrett and Peter…
Q: Generate forecasts for data with diff erent patterns, such as level, trend, and seasonality and…
A: Solution Introduction with Generate Forecasting for data Forecasting is a logical extension of the…
Q: State and describe the forecasting technique which places more emphasis on recent values and explain…
A: To be determined: the forecasting technique which places more emphasis on recent values and explains…
Q: What is the expected sales for the 7th week based on 3 period moving average. What is the forecast…
A: Forecasting is the process of predicting the future demand using previous or historic information.
Q: Explain and give an example of a weighted average in forecasting
A: A Weighted Moving Average puts more weight on late information and less on past information. This is…
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.…
Q: a. Calculate the simple three-month moving average forecast for periods 4 to 12.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Discuss what advantages as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change often, the exponential smoothing method is optimal.…
Discuss when is time series
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- Under what conditions might a firm use multiple forecasting methods?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?
- 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?The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?Describe when to use of a time series forecasting techniques and what assumption are made?