How can the Forecast technique be improved?
Q: How do exponential smoothing advantages have over moving averages as a forecasting tool?
A: The advantages of exponential smoothing as a forecasting method over operating averages are as…
Q: Does a correct forecast prove that your forecast method was correct? Why or why not?
A: Forecasting is important as it helps a business in setting the correct level of inventory, set the…
Q: When to use of a time series forecasting technique, what assumptions are made?
A: The statistic techniques uses statistic on historical data and therefore the variables forecasted.…
Q: State the various uses of forecasting in points wise answer
A: The pattern is regarded as the predictive method to decide on the company.
Q: Give three example of unethical conduct involving forecasting and the ethical principle each…
A: Deceptive conduct is an activity that falls outside of what is considered ethically right or…
Q: What are the benefits of exponential smoothing over moving average forecasting?
A: The following are the advantages of exponential smoothing over moving averages as a forecasting…
Q: Explain in detail about Collaborative Planning, Forecasting and Replenishment (CPFR)?
A: Collaborative planning ,forecasting and replenishment - It is a process which combines several…
Q: Why is reliable forecasting so important for businesses using a continuous replenishment inventory…
A: Continuous Replenishment is a method in which a supplier receives regular updates on real-time sales…
Q: Explain quantitative forecast methods?
A: The quantitative method of forecasting uses numerical and prior effects to predict the possible…
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: 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: Short term forecast can be used for the following operation.
A: Short term forecastUp to 1 year, usually less than 3 monthsPurchasing, job planning, staff levels,…
Q: List the various type of analytical tools and methods used in forecasting?
A: Numerous statistical approaches are used to examine the data, which enables the data to be…
Q: Explain the forecasting term with the help of least squares ?
A: Least Squares Method The least squares technique is a type of mathematical regression analysis that…
Q: ind Naïve Forecast, Moving Average and Weighted Average based on the data given at the below table.…
A: In the question, we have monthly data for the year 2018, I would apply forecasting techniques to get…
Q: Explain what are the benefits of exponential smoothing over moving average forecasting
A: The table below gives a prediction of the advantages of moving average over exponential smoothing.
Q: What is meant by the term tracking the forecast? In which two ways can forecasts go wrong?
A: Tracking the forecast means comparing the actual demand with the forecasted demand. It is used to…
Q: What forecasting approaches do you know? How is this being applied in your work? Or from your past…
A: Forecasting is an important tool that helps managers in effective and efficient planning. However,…
Q: Do you think that hard rock cafe makes use of time horizons when forecasting explain with 3 points.
A: The three types of forecasting time horizons are, 1. Long range forecasting: A long range…
Q: What should be our forecast accuracy target if there is a high degree of volatility in customer…
A: Forecasting is the process of estimating the future demand according to the historic or previous…
Q: Describe what happening to the ability to forecast for episodes farther into the future
A: Future trend estimates can be made via forecasting, which uses previous data to do so.
Q: How does the number of periods in a moving average affect the responsiveness of the forecast?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: what are the benefits of exponential smoothing forecasting?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: No singal forecast methodology is appropriate under all conditions: True or false?
A: Forecasting is a method that utilizes authentic information as contributions to make educated…
Q: Give three examples of unethical conduct involving forecasting and the ethical principle each…
A: Forecasting is the planning process that helps to predict the future demand using present or past…
Q: snip
A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: Forecast Including TrendAssume a previous forecast, including a trend of 110 units, a previous trend…
A: Given Information: Forecast including trend = 110 units Previous trend estimate = 10 units Alpha =…
Q: Can you either overestimate or underestimate the actual sales number for a poor forecast?
A: A forecast is a foresight of whatever will occur. While usually practiced in the circumstances of…
Q: Explain how do exponential smoothing have benefits over shifting averages as forecasting tool
A: The merits of autoregressive moving as a prediction approach are considerable in comparison to…
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: Explain why is accurate forecasting so important to companies that use a continuous replenishment…
A: Forecasting is the practice of making future assumptions based on historical and current data, most…
Q: List the analytical tools and methods used in forecasting?
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α…
A: Given: Year Sales volume 2012 40 2013 48 2014 44 2015 46 2016 57 2017 41 2018 52…
Q: From the choice of simple moving average, weighted moving average, exponential smoothing, and linear…
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: How do exponential smoothing have benefits over shifting.averages as a forecasting tool?
A: The benefits of exponential smoothing are as a prediction tool compared to moving averages.
Q: What are the major consequences of accurate forecasting? explain
A: Forecasting is defined as a process of developing predictions based on the past and…
Q: Explain the advantages of forecasting tool does exponential smoothing over moving avarages ?
A: The key benefits of exponential smoothing versus moving averages as a forecast.
Q: Explain and give an example of a weighted average in forecasting
A: A Weighted Moving Average puts more weight on late information and less on past information. This is…
Q: State examples of industries affected by seasonality and reasons to eliminate seasonality in their…
A: To be determined: examples of industries affected by seasonality and reasons to eliminate…
Q: Explain how the technology of forecasting can be improved
A: Forecasting is a long-term and short-term activity that the company engages in on a regular basis.…
Q: How can you evaluate the accuracy of a forecast model? explain in detail
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
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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?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?