How do exponential smoothing advantages have over moving averages as a forecasting tool?
Q: involve
A: The answer to this question is true.
Q: snip
A: The Delphi method is more qualitative. The Delphi method was developed by the Rank corporation in…
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: hat are the benefits of exponential smoothing as a forecasting method over running averages
A: The advantages of the exponential smoothing over moving averages with respect to the forecasting…
Q: Explain how do we measure accuracy of a forecasting model
A: We utilize the following criteria to determine a prediction model's efficiency:
Q: Refer to Problem 4.2. Develop a forecast for years 2 through 12 using exponential smoothing with a =…
A: Given data is Alpha = 0.4 Forecast for year 1 = 6
Q: Explain why forecasting devices such as moving averages, weighted moving averages, and exponential…
A: The average is going The prediction is increased and n is flat, but less susceptible. It provides an…
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…
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A: When choosing the forecasting technology, the important considerations cost and accuracy are…
Q: Explain what benefits as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change frequently, the exponential smoothing method is superior.…
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: 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: Explain the basic assumptions made when using time series forecasting techniques as opposed to…
A: The Time Series Initial Phase makes a variety of assumptions.
Q: A police station had to deploy a police officer for an emergency multiple times in the last four…
A: F(t) = F(t-1) + (Alpha * (A(t-1) - F(t-1))) Where F(t-1) is the forecast for the previous period and…
Q: Describe and evaluate the method of forecasting based on a time series analysis when a trend is…
A: Forecasting is the practice of estimating the size of unknown future events and generating different…
Q: e least-squares regression method, the trend equation for forecasting is
A: Least square regression equation helps to identify the value of depending variable based on the…
Q: Explain when to use a time series forecasting techniques
A: The statistical techniques are applied to past records and hence to the projected variables.…
Q: What does the term biased mean in reference to a particular forecasting technique?
A: The forecasting techniques are used for predicting the future demand and sales of the product. The…
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: 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: what are the benefits of exponential smoothing forecasting?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
Q: Explain the term forecasting with least squares
A: Forecasting is a way of making a broader basis about the coming supported by facts. It can be used…
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…
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A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: Discuss the time horizons for doing forecasting, and also identify 2 activities that are forecasted…
A: Forecasting is the strategy of anticipating what will be occurring soon it is utilized by numerical…
Q: What are the issues associated with qualitative forecasting, and how are these overcome? Provide…
A: Qualitative forecasting is a strategy for making forecasts about an organization's funds that…
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: What three methods are used to determine the accuracy of any given forecasting method? How would you…
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: A police station had to deploy a police officer for an emergency multiple times in the last four…
A: Exponential smoothing helps in finding the forecasted demand using the previous data. It required…
Q: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
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: 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: How much does the forecasting process at Deckers correspond with the “typical forecasting process”…
A: Forecasting is the tool which uses the historical data as the inputs to make the informed estimates…
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: Forecasting can be classified into which basic types?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: State and explain the weakness of standard forecasting technique in forecasting approaches
A: To be determined: the weakness of standard forecasting technique
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: Discuss what advantages as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change often, the exponential smoothing method is optimal.…
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…
How do exponential smoothing advantages have over moving averages as a
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- Under what conditions might a firm use multiple forecasting methods?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?
- 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 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.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?
- How do exponential smoothing have benefits over shifting.averages as a forecasting tool?Discuss what advantages as a forecasting tool does exponential smoothing have over moving averages?Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?