EXERCISE 9 - FORECASTING Question 1 The following data summarizes the historical demand for a product: Actual Month March April May June July August Demand 20 25 40 35 30 45 Use a four-period moving average to determine the forecasted demand for July, August, and September. If the forecasted demand for June, July, and August is 32, 38 and 42, respectively, what is MAD? If the forecasted demand for June, July, and August is 32, 38 and 42, respectively, what is MSE? iv. i. ii. ii. If the forecasted demand for June, July, and August is 32, 38 and 42, respectively, what is MAPD?
Q: Given the Actual Demand from January to June of 2021, along with the forecasts based on three (3)…
A: Find the Given details below: Given details: Jan Feb Mar Apr May Jun Actual 960 1230 1520…
Q: Following are two weekly forecasts made by two different methods for the number of gallons of…
A: Given - Week Forcast Actual Demand 1 0.95 0.72 2 1.08 1.00 3 0.95 1.07 4 1.22 0.97
Q: Explain how flexibility in productions system relates to the forecast horizon and forecast accuracy?
A: Investigate how flexibility can be used in a manufacturing system to understand the concept of a…
Q: Problem #1- The table below shows the actual sales of a Product X sold by Compa January to December…
A: This question is related to the topic -Forecasting approach and this topic falls under The…
Q: 1. Food trucks have become a common sight on American campuses. They serve scores of hungry…
A: 3-period moving average forecast =At-1+At-2+At-33 Exponential smoothing forecast, Ft+1 = αAt+(1-α)Ft…
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: Problem 4 - do both a three period moving average and an exponential smoothing forecast with an…
A: Forecasting is the process of predicting the future demand based on the previous data and demand.
Q: Calculate the three-period simple moving average forecasts for months 4, 5 and 6.
A: ANSWER IS GIVEN BELOW:
Q: Discussion #1 & #2
A: As per the Bartleby Honor code we are not supposed to answer more than 1 question at a time. Please…
Q: Using 2-months moving average forecast sales from 5 to 11 months Using 4-months weighted moving…
A: A moving average is a statistical method to calculate the average change in a data series over time.…
Q: Question 4.2 A restaurant has tracked the number of meals served at lunch over the last four weeks.…
A: Given Information- Day Week 1 Week 2 Week 3 Week 4 Sunday 40 35 39 43 Monday 54 55 54 59…
Q: If the forecasted value of the time series variable for one period is 28.5 and the actual value…
A: Forecasted value = 28.5 Actual value = 32
Q: Do you think that Hard Rock Cafemakes use of time horizons when forecasting?
A: What is Forecasting ? Anticipating is a method that utilizes chronicled information as contributions…
Q: Process thinking alludes to: Select one: a. Value added activities b. Careful consideration of…
A: 1- OPTION -B - Careful consideration of individual products 2-OPTION -A -Use of…
Q: Question Three: Jane is trying to forecast demand for her store, using moving average with n=2, Fill…
A: Find the given details below: Given details: Year Quarter Enrollment 1997 1 313 2 285…
Q: Question 3: Jane is trying to forecast demand for her store, using moving average with n-2, Fill in…
A:
Q: Q6- Answer "true" or “false" to the following statements: 1. The term compound interest refers to…
A: "Since you have posted questions with multiple sub-parts, we will solve the first three sub-parts…
Q: Q1 Given the Supply chain cost for a service is PKR 195 and the customer value is PKR 225. Determine…
A: Supply Chain Surplus= Revenue generated from customer - Total cost incurred to produce and deliver…
Q: Identify two business situations where the Delphi method might be used to generate forecasts. Can…
A: The Delphi approach (also known as the Delphi procedure or process) is a way of gathering expert…
Q: Question 2 Differentiate between independent and dependent variable in forecasting The last seven…
A: The major differences between the dependent variable and independent variable are the following:…
Q: Part 1 The accompanying dataset provides the closing prices for four stocks and the stock exchange…
A: Given data for stock B is
Q: QUESTION 9 The following is the actual sales for Manama Company for a particular good: t Sales 19 23…
A: t sales x y 1 19 2 23 3 22 4 27 5 34
Q: Question: We know to predict the SSN number in the US if you were to take up a project/…
A: Aadhar card is an Indian unique identity number that contains 12 digits and information based on…
Q: Discussion Question #2 - Present and discuss in detail the benefits and challenges of two…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: MA forecast for as many periods as possible before calculating the CFE. Group of answer choices…
A: A moving average can be stated as the statistics that grab or captures the average transformations…
Q: QUESTION # 7 A small restaurant offers tacos to their patrons. One of their specialties is the Mega…
A: Given Information: a) The forecasted demand for using a moving average with n = 3 is :
Q: FORECASTING- EXPONENTIAL SMOOTHING QUESTION 3 PERIOD ACTUAL 1 42 40 3 43 4 40 41 39 7 46 8 44 9. 45…
A: In the question, we have time-series data, Actual data are presented over 11 periods, I would use…
Q: Q4 ABC University wants to develop forecasts for next year's quarterly enrollment. It has collected…
A: Given data is
Q: Q3 The following table contains the sale of water pumps for the last 10 months in a retail outlet.…
A: Formula:
Q: Question one The president of State University wants to forecast student enrollments for this…
A: Ans :-a) foreeact for thouse year =1800+20000+210003…
Q: i. Differentiate between independent and dependent variable in forecasting. ii. The last seven…
A: The major differences between the dependent variable and independent variable are the following:…
Q: QUESTIONS All Ans to 3 Decimal Places Use the Naiive method to forecast for Feb -Aug 2021 2…
A: As per our guidelines, we are supposed to answer only three sub-parts if multiples sub-parts are…
Q: Question 1. The dean of a school of business is forecasting total student enrollment for this year…
A: The concept of Operation Management: Operation management is the management that applies to a…
Q: Seatwork Compute for MAD, MSE and MAPE using Moving Average Model (past 3 Weeks), В. А. Exponential…
A: Forecasting is the process of estimating the future demand or sales using the previous years or…
Q: The last four weekly values of sales were 120, 90, 100, 80 and 85 units. The last four forecasts for…
A:
Q: 5. Avery produces hard drives for major computer/laptop manufacturers. The market has been…
A: Find the given details below: Given details: Sales (Year) Quarter 2017 2018 2019 1 4800…
Q: QUESTION 9 Use the table below to answer the following questions (Choose only the letter) Periods…
A: Given data- Periods Observations 1 24 2 34 3 36 4 37 5 41 6 44 7 45
Q: Forecasting is both art and science. Describe the situations where we use Qualitative forecasting…
A: Forecasting refers to the art and science of forecasting or predicting the future scenario or what…
Q: Questions: 1. What are some of the potential benefits of a more formalized approach to forecasting?…
A: The process that uses to predict the future based on past data is known as forecasting. The…
Q: Question DEMAND FOR FERTILIZER YEAR (1,000S OF BAGS) 1 4 2 6 3 4 4 5…
A: 1.) Given Data - YEAR Demand for fertilizer 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8 9 9…
Q: Forecast for the 11 quarter using exponential smoothing technique.
A:
Q: Q2: Daily high temperature in St. Louis for the last week were as follows: 93, 94, 93, 95, 96, 88,…
A: Formula:
Q: Passenger miles flown on Northeast Airlines, a commuterfirm serving the Boston hub, a re shown for…
A: Given data is
Q: Futura Furniture Products manufactures upscale office furniture for the “Office of the Future.” The…
A: Sales forecast is described as a process of making estimation of the future sales and it is…
Q: 20. Mercado Foundation, aims to help the pandemic front liners of education of Santa Cruz,…
A: Manufacturing is the process of converting the raw materials and resources into finished output for…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images
- Under what conditions might a firm use multiple forecasting methods?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?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
- What are the advantages and disadvantages of aggregating demand from a forecasting view? Are there other things that should be considered when going from multiple DCs to a DC?Clinic administrator Marc Schniederjans wants you to forecastpatient demand at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this fore-cast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.25 one period ago, 0.25 two peri-ods ago, and 0.167 three periods ago. a) What is the value of your forecast? PXb) If instead the weights were 20, 15, 15, and 10, respectively, howwould the forecast change? Explain why. c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respec-tively? Now what is the forecast for week 7?Lori Cook has developed the following forecasting modaly = 36 + 4.3xwhere y = demand for Kool Air conditioners and X= the outside temperature (F)° a) Forecast demand for the Kool Air when the temperature is 70° F.b) What is demand when the temperature is 80° F?c) What is demand when the temperature is 90° F?
- What tool should we use to know whether our forecasting was under forecasted or over forcasted? Is it possible to get the same value of CFE and MAD? How? What does the value of MSE signify?Assume that you have three forecasting models. For the first, MAD = 2.5, for the second, the MSE =10.5 and for the thirds, MAPE = 2.7. On the basis of this information, which model is best? The second model.The third model.The first model.One cannot conclude.What should be our forecast accuracy target if there is a high degree of volatility in customer orders and long lead times? We have a new chief sales officer who is proposing that we should forecast in dollars, not in units/cases. I have never heard of anyone forecasting in dollars. It is true that dollarized forecasts can help Sales in knowing precisely what sales target they should be hitting. But, is it the best practice?