Could use a hand with this DFHIJLNR.1 Exponential Smoothing ForecastingUse the area below to draw a line chart for single exponential smoothing forecast.3Smoothing constant0.24.TimePeriodObservation Forecast ErrorError^2Formulas6.187#N/A93#N/AV #N/A #N/A7.8388#N/A#N/A#N/A489#N/AV #N/A#N/A9V#N/A #N/A* #N/AI #N/AV #N/AV #N/AF #N/A* #N/A* #N/A1097#N/A#N/A* #N/A* #N/A* #N/A* #N/A* #N/A* #N/A11686#N/A12791#N/A138.89#N/A14992#N/A151093#N/A161189#N/A171294#N/A18Next period forecast:13#N/A1920MSE#N/A2122232425262728293031323334353637383940A SheetiGive FeedCalculation Mode: AutomaticWorkbook StatisticsDII80F10F5F6F7F2F3F4esc&%23891234PWERY|I c/nb/ui/evo/index.html?elSBN=9780357131725&id=1357911454&snapshotld=2709085&engage Lea XExcel Online Student W XC Excel Online Activity: M XW Haas F1 Team - Wikipe Xps Q Operations Manag..QENGAGE MINDTAPter 09 Excel Activity: Exponential SmoothingQ Search thisn 1I VideoExcel Online Activity: Exponential SmoothingA retail store records customer demand during each sales period. The data has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop the singleexponential smoothing forecast and answer the following questions.Open spreadsheetQuestions1. What is the forecast for the 13th period based on the single exponential smoothing? Round your answer to two decimal places.2. What is the MSE for the single exponential smoothing forecast? Round your answer to two decimal places.3. Choose the correct graph for the single exponential smoothing fbrecast.The correct graph isObservationForecastExponential Smoothing Forecast100-95+90-A.85-80+Time Period14Next12

Exponential Smoothing Forecasting Ft+1 = At-1×α+1-αFt Error = Actual data -Forecast data Mean…

Answered: Exponential Smoothing Forecasting Use…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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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 table shows the values found in the error analysis. What method of forecasting would be best to use? What is the forecasted value? MSE forecast for week 13 Time Series 1.08 14.76 3-week MA 3.04 13.67 exp smoothing 11.04 9.5 Group of answer choices A.) Time Series, forecasted value = 14.76 B.) 3-week MA, forecasted value = 13.67 C.) exp smoothing, forecasted value = 9.5 D.) Time Series, forecasted value = 1.08 E.) 3-week MA, forecasted value = 3.04 F.) exp smoothing, forecasted value = 11.04
Sara manages one of the Albireds shoe lines, and is working to improve the group's forecasting capabilities so that production will more closely match actual demand (that's the goal, at least!). Work our the exponential smoothing with a smoothing constant equal to 0.2, (seed the model with a January forecast = 16,000). A weighted moving average using 0.6(t-1), 0.3(t-2) and 0.1(t-3)
When creating a time series–based forecast for the amount of soda to be sold in thecafeteria next week, which data sources can you include in your forecasting process?a. The opinion of the principalb. Old demand datac. Data about upcoming sports eventsd. The age of the cafeteria worker
Th e manager of a small health clinic would like to useexponential smoothing to forecast demand for laboratory servicesin the facility. However, she is not sure whether to use a high orlow value of α . To make her decision, she would like to comparethe forecast accuracy of a high and low α on historical data. Shehas decided to use an α = 0.7 for the high value and α = 0.1 forthe low value. Given the following historical data, which do youthink would be better to use? Week Demand (lab requirements)1 3302 3503 3204 3705 3686 343
please answer in excel Jean’s Copiers sells and repairs photocopy machines. The manager needs weekly forecasts of service calls so that she can schedule the personnel. The manager uses α = 0.3 for exponential smoothing, and the forecast for the first week was 24 calls. The manager also uses 3 weekly moving averages technique. a) Using 3 period moving averages, forecast the number of calls for week 7. b) Using exponential smoothing, forecast the number of calls for week 7. c) Compare these two forecasting techniques using Mean Squared Errors (MSE) measure. Which one is better?
Passenger miles flown on Northeast Airlines, a commuterfirm serving the Boston hub, a re shown for the past 12weeks: a) Assuming an initial forecast for week I of 17,000 miles, useexponential smoothing to compute miles for weeks 2 through12. Use a= .2b) What is the MAD for tlus model?c) Compute the Cumulative Forecast Errors and tracking signals. Are they within acceptable limits?
MSE answer for part a = 5.95 is incorrect. Please do recalculations with the correct answer. also the rest of the question was not answered so here it is: Use ? = 0.2 to compute the exponential smoothing values for the time series. Week Time SeriesValue Forecast 1 19 2 14 3 17 4 12 5 18 6 15 Compute MSE. (Round your answer to two decimal places.) MSE = What is the forecast for week 7? (Round your answer to two decimal places.) Use ? = 0.4 to compute the exponential smoothing values for the time series. Week Time SeriesValue Forecast 1 19 2 14 3 17 4 12 5 18 6 15
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?

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