Explain the term Forcasting
Q: a) Using exponential smoothing, with a = .6, then trend analysis, and finally linear regression,…
A: a)
Q: In your own opinion, which is a better planning tool: benchmarking or forecasting
A: Planning Tools are helpful in guiding organizational actions steps associated with the execution of…
Q: My App is a small but growing start-up that sees demand for several of its apps increasing quickly.…
A: Double exponential smoothing is a forecasting model which identify the forecasting with the…
Q: Explain in between 400 and450 words the differences between forecasting and budgeting and also…
A: Below is the solution:-
Q: The solution of coping with natural differences between marketing and production functions is to do…
A: Option 1: - When natural differences occur in production and marketing it is necessary to have…
Q: The sales and profit of a clothing organization are represented in the table below. This given data…
A: 1. Following are three advantages of forecasting within an organization: A)You'll acquire…
Q: a) Is there a strong linear trend in sales over time? b) Fill in the table with what Bob and Sherry…
A: Using excel for performing regression with Sales as the dependent variable and period as independent…
Q: In the Stokely Company, marketing makes a sales forecast by developing a sales force composite.…
A: In the Stokely company, the sales and operations team are generating their own sales forecast by…
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: Forecasting, whether quantitative or qualitative in nature, is used every day in all business to…
A: Forecasting is an approach to expecting the tomorrow based on the outcomes of earlier data. It…
Q: Omar has heard from some of his customers that they will probably cut back on order sizes in the…
A: Ans 4: Business forecasts help every stakeholder of the organization have a sensation or perception…
Q: Choosing between the three period and the five period forecasts, which one would you use as a…
A: Given data:
Q: It is a common saying that the only thing certain about a forecast is that it will be wrong. What is…
A: Forecasting is the process of predicting future demand values based on historical data. The…
Q: Forecasts affect planning but not the other management functions.
A: This do not require any introduction
Q: After using your forecasting model for six months, you decide to test it using MAD and a tracking…
A: Here we use formulae: Formulas: Tracking Signal (TS) is presented by:TS = RSFEMAD RSFE = Running…
Q: If Mr. Ishaq is the Director of KIA Company in Nizwa, what does he need to do to predict customer…
A: Companies use market demand analysis to understand how much consumer demand exists for a product or…
Q: When a business is started, or a patent idea needs funding, venture capitalists or investment…
A: A profitability forecast is a set of figures included in a business plan. The result of forecasting…
Q: Which of the following is a pitfall of using a customer’s forecasts? Customers forecast process not…
A: Customer forecast refers to the most ongoing rolling volume predictions or forecasts for the…
Q: In your own words and it should be in paragraph form. Also, don't forget to conclude. 1. Discuss…
A: Forecasting is an absolute necessity if an enterprise wants to have a competitive advantage. Itis…
Q: Planning purchasing, job scheduling, workforce levels, job assignments, and production levels are…
A: MANAGEMENT: Management is the process of planning, organizing, staffing, directing, and controlling,…
Q: If a forecast can be made using a quantitative model, a forecaster need not use her personal opinion…
A: This do not require any introduction
Q: Demand forecasting is the primary data for decision-making in any organization. a. What will happen…
A: Demand forecasting refers to a decision-making process that helps companies to predict future…
Q: When a new busines is startered, or a patent idea needs fundig, venture capitalst or investment…
A: Whenever a new business is initiated, funding forms the pre-requisite and approaching to the venture…
Q: expertise
A: The answer to this question is false
Q: 1. A forecaster must decide on the value of this factor before he can use the simple moving average…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Why is accurate forecasting so important to companies thatuse a continuous replenishment inventory…
A: Continuous Replenishment is a method by which a supplier is told day by day of real deals or…
Q: Two different forecasting models were used to forecastsales of a popular soda on a college campus.…
A: Solution - Introduction - [1] Forecasting Model - Forecasting models are one of the numerous methods…
Q: When a new business is started, or a patent idea needs funding, venture capitalists or investment…
A: With the inception of any new enterprise or business, there exists a requirement for the funding and…
Q: determines the length of the future time period for which a sales forecast must be prepared for…
A: Planning is a fundamental activity of management. Forecasting forms the basis of planning. Be it…
Q: A firm's short-term forecast helps top management in preparing a company budget. True or False True…
A: Short-term forecasts are mainly performed for tactical purposes that incorporate manufacturing,…
Q: Discuss the importance of Forecasting in Operations Management.
A: Forecasting is the process of making future choices based on certain factors such as past events or…
Q: Suppose you need to forecast the amount of relief aid needed following an earthquake. What type of…
A: Answer: Relief aid needed following an earthquake, belong to the category of disaster relied supply…
Q: Months Month 1 Month 2 Month 3 Month 4 Month 5 Sales 20 25 32 35 38 Please use the weight 0.45 for…
A: Given data:
Q: Forecasting is an important guard against guess work in decision making. In light of this statement…
A: Every firm engages in a annual planning process for production where the marketing function provides…
Q: 4.31 Emergency calls to the 911 system of Durham, North Carolina, for the past 24 weeks are shown in…
A: Given data is
Q: Serena just visited a restaurant for dinner. During the dinner time, she overheard two customers…
A: It's a case where employees have leaked the confidential information unknowingly in the public. It's…
Q: There is an ongoing debate about the roles of quantitative and qualitative inputs in demand…
A: ANSWER: Quantitative techniques depends up on historical data where as qualitative focuses up on…
Q: 1. Using MAD as the criterion, which of the following models would you use for the given time series…
A: The term "forecasting" describes the process of speculating on what will occur in the future based…
Q: My App is a small but growing start-up that sees demand for several of its apps increasing quickly.…
A: Month 7 Forecast is 538,210.51
Q: IST STATEMENT: Forecast that are too low mean the company has not allocated enough resources that…
A: “Hi and thanks for your questions as you have asked for multiple questions at a time we will be…
Q: ering the necessary information for financial forecasting for a startup company that doesn’t have…
A: Financial Forecasting is the process of preparing, assessing, or anticipating a business' future…
Q: What is the concept of seasonality? How do we forecast based on seasonal data?
A: Seasonality of time series data refers to the phenomenon of recurrent up and down periods in series…
Q: 40 ________ is a planning tool that relies on past data to predict the future demand: Select one:…
A: ANSWER: Forecasting is the planning tool that relies on past data to predict the future demand.
Q: What are the advantages and disadvantages of aggregating deman from a forecasting view? Are there…
A: The upsides of accumulating request from an estimating view make it conceivable to have a general…
Q: a) Using exponential smoothing, with a = .6, then trend analysis, and finally linear regression,…
A: given,
Q: True or False 1. Budgeting systems should be subjected to the cost-benefit approach.
A: Below mentioned are the various features of a budget: 1. Budget is prepared for the future course of…
Explain the term Forcasting. Why forcasting are
Forecasting means analysis of future about the operations of an enterprise. It involves looking ahead for future event. Forecasting means a process of providing the details supported by budget.
Forecasting means drawing a conclusion about production, sales, profit on the basis of research, study & survey.
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- 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 solution of coping with natural differences between marketing and production functions is to do what two things? Develop an equitable set of measurements and promote strong lines of communication Merge functional areas and improve forecasting Improve forecasting and maximizing productivity Appoint a single manager for both functions andproduce tosales forecasts Provide training on team techniques and coordinate reporting.Paraphrase this one. Analyze and elaborate in 200 words. Time series analysis is a specific way of analyzing a sequence of data points collected over an interval of time. In time series analysis, analysts record data points at consistent intervals over a set period of time rather than just recording the data points intermittently or randomly. However, this type of analysis is not merely the act of collecting data over time. What sets time series data apart from other data is that the analysis can show how variables change over time? In other words, time is a crucial variable because it shows how the data adjusts over the course of the data points as well as the final results. It provides an additional source of information and a set order of dependencies between the data. Time series analysis typically requires a large number of data points to ensure consistency and reliability. An extensive data set ensures you have a representative sample size and that analysis can cut through noisy…
- Suppose that you are asked to forecast future stockprices of ABC Corporation, so you proceed to collectall available information. The day you announce yourforecast, competitors of ABC Corporation announce abrand new plan to merge and reshape the structure ofthe industry. Would your forecast still be consideredoptimal?Sales for the past 12 months at computer success are given here: January 3,000 July 6,300 february 3,400 August 7,200 March 3,700 Sept 6,400 April 4,100 Oct 4,600 May 4,700 Nov 4,200 June 5,700 December 3,900 a. Use a 3-month moving average to forecast the sales for the months May through December b. Use a 4-month moving average to forecast the sales for the months May through December C. Compare the performance of the two methods by using the mean absolute deviation as the performance criterion. Which method would you recommend? d. Compare the performance of the two methods by using the mean absolute percent error as the performance criterion. Which method would you recommend? e. Compare the performance of the two methods by using the mean squared error as the performance criterion. Which method would you recommend?Paraphrase this one. Analyze and elaborate in 120 words. Time series analysis is used for non-stationary data—things that are constantly fluctuating over time or are affected by time. Industries like finance, retail, and economics frequently use time series analysis because currency and sales are always changing. Stock market analysis is an excellent example of time series analysis in action, especially with automated trading algorithms. Likewise, time series analysis is ideal for forecasting weather changes, helping meteorologists predict everything from tomorrow’s weather report to future years of climate change. Examples of time series analysis in action include: Weather data Rainfall measurements Temperature readings Heart rate monitoring (EKG) Brain monitoring (EEG) Quarterly sales Stock prices Automated stock trading Industry forecasts Interest rates
- Demand forecasting helps a company to respond quickly to market changesgiving the firm a competitive advantage. The process of forecasting establishesthe link between planning and control for the company, and facilitates theeffective output of the firm’s goods and services. A common quantitativemethod of forecasting is time series. Explain what is involved in time seriesanalysis and its significance to demand forecasting.To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. Table shows the value of food and beverage sales ($1000s) for the first three years of operation. Food and Beverage Sales for the Vintage Restaurant ($1000s) Month First Year Second Year Third Year January 242 263 282 February 235 238 255 March 232 247 265 April 178 193 205 May 184 193 210 June 140 149 160 July 145 157 166 August 152 161 174 September 110 122 126 October 130 130 148 November 152 167 173 December 206 230 235 Managerial Report Perform an analysis of the sales data for the Vintage Restaurant. Prepare a report for Karen that summarizes your findings, forecasts, and recommendations. Include the following: A time series plot. Comment on the underlying pattern in the time series.…The following time series shows the sales of a particular product over the past 12 months. Month Sales 1 105 2 135 3 120 4 105 5 90 6 120 7 145 8 140 9 100 10 80 11 100 12 110 (a)Use ? = 0.4 to compute the exponential smoothing values for the time series. (Round your answers to two decimal places.) Month t Time Series Value Yt Forecast Ft 1 105 2 135 3 120 4 105 5 90 6 120 7 145 8 140 9 100 10 80 11 100 12 110 (b)Use a smoothing constant of ? = 0.6 to compute the exponential smoothing forecasts. (Round your answers to two decimal places.) Month t Time Series Value Yt Forecast Ft 1 105 2 135 3 120 4 105 5 90 6 120 7 145 8 140 9 100 10 80 11 100 12 110
- 15) Which is not considered to be an OPSCM execution process byany of the most popular models?Select one:A. returnsB. manufacturing/production/makeC. logisticsD. procurement/acquisition/purchasingE. research & development16) Purchasing’s role is to get the lowest possible price oneverything needed by OPSCM.Select one:A. TrueB. False17) Which OPSCM macro designs / operations models /manufacturing environments use a forecast to plan for fulfillmentof demand?Select one:A. MTO & ETOB. MTO & MTSC. CTO & MTSD. ETO & MTSE. All of them use forecasts.Demand forecasting is the primary data for decision-making in any organization. What will happen if organizations do not conduct a demand forecast? Consider any company of your choice and elaborate on your answer that you have given in part 1.The intuition behind the MSE metric to evaluate old forecasts is:a. to sum up the forecast errors.b. to sum up the squared forecast errors.c. to sum up the absolute values of the forecast errors.d. to average the squared forecast errors.e. to average the absolute values of the forecast errors.