Explain how is the exponential smoothing approach easy to use ? How
Q: A manufacturing firm has developed a skills test, the scores from which can be used to predict…
A:
Q: How will an exponential smoothing model be reacted to?
A: Exponential Smoothing is a weighted averaging process that uses the previous forecast plus a…
Q: Which is better forecasting or benchmarking? Be practical.
A: Manufacturing is the process of converting raw inputs into finished products and services for the…
Q: What factors enter into the choice of a value for the smoothing constant in exponential smoothing?
A: Exponential smoothing is an averaging technique which is a type of weighted moving average that…
Q: What are the similarities and differences between ridge regression and forecasting?
A: A Small Introduction about Regression Regression analysis is used to predict a continuous dependent…
Q: What effect does the value of the smoothing constant have on the weight given to the recent values?
A: Exponential smoothing is a forecasting tool used to foresee univariate data. It forecasts is similar…
Q: ties: Simple moving average, Weighted moving average, Simple Exponential Smoothing,…
A: Demand forecasting refers to the technique used to anticipate future demand. In order to provide the…
Q: Jane is trying to forecast demand for her store, using Exponential Smoothing, using a = 0.75. Fill…
A: Forecast = Actual demand of previous period*alpha+(1-alpha)*forecast of previous period Error =…
Q: How is the moving average approach equivalent to exponential smoothing?
A: Forecasting is described as predicting future values based on past values, particularly in Time…
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: Discusshow is moving average approach related to exponential smoothing?
A: Forecasting is the act of estimating future values based on historical data, most notably in the…
Q: Which are the six major reasons to accept Exponential smoothing techniques?
A: The six major reasons to accept Exponential smoothing techniques are:
Q: Explain basic concepts of forecasting and time series. Explain the concept of capacity. Describe…
A: The notion behind making a forecast to the prediction of future values of the data on the basis of…
Q: Why is forecasting necessary in OSCM?
A: Forecasting is the method of making future forecasts based on historical and current evidence. It's…
Q: Define the term Exponential smoothing?
A: Let’s understand what is meant by Exponential Smoothing. Exponential Smoothing: It can be defined as…
Q: Use exponential smoothing with smoothing parameter a = 0.3 to co 13). Use exponential smoothing with…
A: Exponential smoothing is a forecasting method which considering the actual demand and forecasting…
Q: What is the fundamental difference between exponential smoothing and a weighted moving average?
A: Forecasting is a method of predicting future events by evaluating data sets quantitatively and…
Q: Explain how is moving average approach related to exponential smoothing?
A: A time series is a sequence of observations which may be ordered in time. Inherent withinside the…
Q: Define Time Series Analysis? how is it used?
A: A time-series analysis of time series data useful to analyze the way a given asset, security, or…
Q: What is the basic difference between a weighted moving average and exponential smoothing?
A: A Weighted moving average is a quantitative prediction technique tool used to foresee the price or…
Q: How is moving average approach related to exponential smoothing?
A: Forecasting is described as the process of anticipating future values based on historical data, most…
Q: Explain the effect of the value of a smoothing constant on the weight given to recent values
A: To be determined: the effect of the value of a smoothing constant on the weight given to recent…
Q: a) Compute MAD and MAPE for management's technique. b) Do management's results outperform (i.e.,…
A: MAD stands for mean absolute deviations MSE stands for mean squared error.
Q: What are her forecasted sales for year 8 using a 3 year moving average? What are her forecasted…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Define Exponential Smoothing?
A: Exponential smoothing forecast is a forecasting approach that calculates the weighted averages 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: Describe how is moving average approach related to exponential smoothing?
A: Forecasting is described as the process of projecting future values using previous data, most…
Q: Describe how is the moving average approach equivalent to exponential smoothing?
A: Forecasting, most notably in Time Set, forecasts future values based on historical data. Two…
Q: What are the advantages of exponential smoothing over the moving average and the weighted moving…
A: An exponential moving average (EMA) is an average that gives the most recent data points more weight…
Q: How is a seasonal index computed from a regression line analysis?
A: A seasonal index is defined as the amount of correction/adjustment needed in parameters (Sales.…
Q: How could an exponential smoothing model be made moreresponsive?
A: Exponential smoothing is a model for predicting future events based on past events or trends that is…
Q: What is the role of the POS system in forecasting at HardRock?
A: Hard Rock is mainly used to collect data about every person who walks through a Hard Rock cafe's…
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: exponential smoothing superior to moving averages
A: Remarkable smoothing is a general guideline method for smoothing time arrangement information…
Q: How could an exponential smoothing model be made more responsive?
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: Explain how is the moving averages approach equivalent to exponential smoothing?
A: This question is related to the topic Forecasting approaches and this topic falls under the…
Q: Company ABC is planning to introduce a new advanced model for their Juice Maker product. The process…
A: 6. a.) In order to identify the time frame, demand behavior and the causes the market research…
Q: What are the disadvantages and advantages of moving average technique and simple exponential…
A: Forecasting is an extremely important & significant part of company planning. It directs to the…
Q: Which type of forecasting approach, qualitative or quantitative, is better?
A: Qualitative approach: It is the method used to forecast decisions on the basis of intuition,…
Q: Often, firms will work with their partners across the supply chain to develop forecasts and execute…
A: The supply chain is a network of all individuals, organizations, services, practices and…
Q: What are the 6 major reason to accept exponential smoothing techniques?
A: The following are six compelling reasons to embrace exponential smoothing techniques:
Q: Which one of the following models would be best for new product forecasting? Multiple Choice…
A: Holt's two-parameter model, also called as linear exponential smoothing, is a popular smoothing…
Q: regression analysis to forecast the point at which Swanson needs to “build out” the top two floors…
A: Regression is a tool wherever you want to fit a linear trend line and get an equation with minimum…
Q: What is the forecast for week 16, using a two-period moving average? Round your answer to the…
A: Forecasting is the process of predicting the future demand based on the previous or historic data or…
Explain how is the exponential smoothing approach easy to use ? How ?
Step by step
Solved in 2 steps
- 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?
- 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?How is moving average approach related to exponential smoothing?