Explain what are the forecasting process principles?
Q: Discuss when to use a time series forecasting techniques ?
A: Historical data, and hence projected variables, are subjected to statistical analysis. The…
Q: Develop a forecasting plan
A: The following steps are using for developing a forecasting plan. We have,We are collecting data for…
Q: Which are the QUALITATIVE TECHNIQUES IN FORECASTING?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
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: List the seven steps in the forecasting system?
A: Identify the problem: It is the step where the given problem is analyzed along with all the members…
Q: What is the connection between forecasting and quality control?
A: TQM can be thought of as a control framework for a client organisation that actively promotes…
Q: When should time series forecasting techniques be used?
A: The statistical data and, as a consequence, the projected features are analyzed using statistical…
Q: Contrast the use of MAD and MSE in evaluating forecasts?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Explain what assumptions do qualitative forecasting systems make
A: Qualitative prediction systems make the following assumptions:
Q: Identify one method that is used in forecasting and explain how it is applied.
A: Forecasting: It is a process of predicting future demand based on past values or demand and present…
Q: Discuss the strategic importance of forecasting
A: Forecasting is the process of predicting the upcoming future events. Sometimes it is examined by a…
Q: What forecasting methods should the company consider? Please justify.
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: There are two general approaches to forecasting, What are they?
A: Forecasting is a very important part of the organization. Forecasting is based on external forces…
Q: How do we measure accuracy of a forecasting model?
A: Step1:Forecasting models are tried and tested frameworks of historical data which helps in…
Q: Identify and briefly explain the two primary approaches to forecasting.
A: Forecasting is a method that uses historical data as inputs to generate predictions that can be used…
Q: List three qualitative forecasting methods and discuss one of them in details.
A: Qualitative forecasting techniques depend on immeasurable data like views & intuition. The…
Q: Explain the steps involved in the forecasting process
A: In these modern days, predicting our market share in the global market is little tricky and to how…
Q: Explain four qualitative forecasting techniques ?
A: Planning refers to the process of assessing demand for the goal of future supply chain and…
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: Describe the ASSOCIATIVE FORECASTING TECHNIQUES?
A: Associative forecasting is the technique of forecasting which uses several independent variables as…
Q: What are the challenges involved in forecasting?
A: Concept Introduction : Organizations use forecasting as a tool to think about and plan for the…
Q: What are the main advantages that quantitative techniques for forecasting have over qualitative…
A: Forecasting is the process of estimating potential demands as well as the resources that will be…
Q: Explain the nature of forecasting when it's periods are farthest into the future in forecasting ?
A: To be determined: the nature of forecasting when it's periods are farthest into the future in…
Q: Explain the Principles for the Forecasting Process?
A: There are many forecasting models and they differ in degree of complexity and amount of the data…
Q: How would you choose the appropriate number of factors to use in a forecasting model and how would…
A: Note: "Since you have asked multiple questions, we will solve the first question for you. If you…
Q: Describe the word least-square forecasting?
A: Forecasting is a technique for making educated forecasts based on historical evidence. It is used to…
Q: What is 'forecasting error'? What are the metrics used in measuring forecasting errors?
A: Forecasting Error A prediction error is the difference between the actual or real value of a time…
Q: Define and explain the forecasting technique which places more emphasis on recent values and explain…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Forecasting follows seven basic steps. What are they?
A: Forecasting is a tool that allows educated predictions using historical data as inputs that are…
Q: State and explain the value of seasonala indices in forecasting and how are seasonal patterns…
A: To be determined: State and explain the value of seasonal indices in forecasting and how are…
Q: Describe qualitative forecasting?
A: Qualitative forecast uses expert intuitive judgment rather than a scientific analysis. This…
Q: What are the principles of the forecasting process ?
A: Forecasting is the act of extrapolating historical data to forecast future demand levels.…
Q: Define what is Qualitative method of forecasting
A: Qualitative forecasting refers to the estimation methodology that uses professional judgment instead…
Q: Define QUANTITATIVE FORECASTING MODELS
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Describe the key factors and trade-offs to consider when choosing a forecasting technique.
A: The main factors are cost and accuracy..
Q: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
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- 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.What forecasting techniques are used in the management of technology and innovation?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?The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?
- Explain four qualitative forecasting techniques ?Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?What are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?
- Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?State and describe the steps involved in developing a forecasting system ?Explain the methods that are used to develop the forecasting methodology ?