Identify the key differences between qualitative and quantitative forecasting methods. Which is better in your opinion andwhy?
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…
Q: What are the use of a time series forecasting and what assumption are made ?
A: Globalization is the process of contact and connection between people, businesses, and governments…
Q: Describe the characteristics and differences between qualitative, quantitative, extrinsic,…
A: Forecasting techniques are used to predict the present and future events which helps in analysing…
Q: Do you think forecasting is important to the company? Briefly explain why?
A: Business forecasting is a technique of predicting development in the business like sales growth,…
Q: Identify the critical conditions and trade-offs to take into account when selecting forecasting…
A: When choosing the forecasting technology, the important considerations cost and accuracy are…
Q: Explain why it's important to keep track of forecasting errors.
A: For a time series or other phenomenon of interest, forecast error is the difference between the…
Q: Describe what is a medium range forecasting and it's three possible applications
A: To determine: what is medium-range forecasting and its three possible applications
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 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: What is a time series and the rationale for forecasting based on a time series analysis?
A: Forecasting refers to the prediction of the future based on some evidence or a strong base.…
Q: Qualitative forecasting methods should be used only asa last resort. Agree or disagree? Comment.
A: The forecasting is based on information that cannot be measured. It helps in predicting the future.…
Q: Why is forecasting better tool than benchmarking?
A: Forecasting is the process of predicting what will occur in the future based on past events 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: What is a qualitative forecasting model, and when should it be used?
A: The management of the transportation of goods and services is known as supply chain management, and…
Q: Please explain what meant by forecasting with least squares
A: Forecasting is a technique for creating accurate predictions based on data. It is used to foresee…
Q: What forecasting technique makes use of written surveys or telephone interviews?
A: Ans- Forecasting is the process of making assumptions of the future on the basis of past and present…
Q: Explain what are some of the potential advantage of a more formalized approach to forecasting
A: Forecasting is a method of accurately anticipating future demand to plan for it. Manufacturing and…
Q: 1. Explain clearly the differences between forecasting and budgeting.
A: 1. Budgeting and Forecasting are instruments that organizations use to set up an arrangement for…
Q: What are some of the potential benefits of a more formalizedapproach to forecasting?
A: Forecasting is the process of predicting the future based on historical and current data. It's…
Q: Explain the trade off between responsiveness and consistency in a time series forecasting system?
A: Tradeoff A tradeoff is a decision-making technique that involves sacrificing quality, quantity, or…
Q: What strategic decisions do organizations need to make in terms of forecasting? What are some…
A: Forecasting is a methods in which business organization forecast the situation or threats that may…
Q: When is it appropriate to use qualitative forecasting methods?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: What is the distinction between forecasting and planning?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
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: D.) compute MAPE for each data set. Which forecast appears to be more accurate?
A: Forecasting is the process in which estimation of future demand is determined using the previous or…
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: What exactly is a qualitative forecasting model, and when should it be used?
A: Qualitative forecasting is an estimation method that relies on expert intuition rather than…
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: What kind of forecasting methodology can I use for various items?
A: Forecasting is a technique for estimating future demand based on current and historical evidence.…
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: 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: What is the strategic importance of forecasting for a business such as One Stop Car Repairs? What…
A: Forecasting is a technique that uses historical data as inputs to make estimates that are predictive…
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: Define Qualitative forecasting?
A: Forecasting is an approach that helps in predicting the future estimates based on the past data.…
Q: Discuss what is seasonality and how forecast is done using data that has seasonality?
A: Time series analysis describes seasonal patterns as recurrent upward and downward cyclic patterns in…
Identify the key differences between qualitative and quantitative
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- What forecasting techniques are used in the management of technology and innovation?Cousins Jeri Lynn De Bose, Tish Hoover, and Josephine (Joey) Parks looked forward to meeting up during the Christmas holidays to compare notes on the results of midyear teacher evaluations. All were public school teachers in districts scattered over the state. In the pressured search for new levels of teacher accountability demanded by legislators, the state department of education joined 16 other States in implementing a new teacher evaluation system. The goal is to hold teachers account-able for student learning progress in the classroom. Under the guidance of the National Council for Teacher Quality, criteria varies by State, but in most cases, 40 percent of each teacher's accountability score would be based on the principal's evaluation and ranking based on personal observation, 30 percent would be based on personal observation by a master teacher from outside the district, and the Other 30 percent would be based on student test score gains. The state department of education would set a performance goal each school district, and the principal would set a performance goal for each teacher. In preparation, the State conducted intensive training sessions for principals and designated master teachers who would conduct the evaluations based on four class observations per teacher Officials used standardized achievement tests to derive value-added scores that measure student learning over the year. Teacher ratings were 1-5, with I am being the lowest and 5 representing near perfection. The publication of the first year's evaluations stirred interest and controversy, particularly among teachers who worried about the possible long-term effects on job retention and tenure. Now, with the first-year evaluations in hand, the three cousins pored over their experiences. The three represented different types of school systems within the state. Jeri Lynn worked for a metropolitan system in the state capital. The system included many low-income students whose first language was nor English, and several schools within the system were teetering on the brink of State takeover if improvement in student scores didn't materialize this school year. Tish worked in a county System dominated by upper-income residents, and Joey taught in the rural community in which all three grew up. The rural community had high unemployment, and a low percentage of graduates went on to college. As a result, the cousins came to the table with differing teaching experiences. "The numbers are all over the place," Jeri Lynn remarked as she studied the pages. "The whole system is flawed, and they need to make changes," Joey said. "It's too subjective. The principal and master teacher observations are subjective because there are personal factors that affect a true outcome." "Yeah, look at the numbers from your upper-income district," Jeri Lynn said to Tish. "How can 60 percent of the teachers score 5s?' Tish chuckled. "Yeah, lucky us. Our schools are overflowing with children from wealthy families. These are the kids who will apply to Ivy League schools. I can tell you that the principals are going to avoid confrontation on all fronts. No principal is going to give any indication that their students are receiving an education that's less than perfect, and that means cramming the rankings with 5s. They claim a higher level of motivation for students, and thus the selection of an elite team of educators. So with those pressures, I don't think we get personal feedback that is accurate." "At the other end of the spectrum, we have my rural district," Joey said. "The big problem is that the principals know everyone and have longstanding relationships with everyone in the county, so I think scores are based on personal history. We could almost predict who would get high or low scores before the observations. For principals, it can go back as far as 'his daddy and my daddy hated each other in high school, and now I get to evaluate his daughter "I think that in many cases, principals feel pressure to align scores with state expectations. The stare expected my district to have high scores and expected rural schools such as yours to be lower," Tish said. "But isn't that partially offset by lower goals for the rural school distracts responded Joey. "The key to the accountability system is the principal in each school," Jeri Lynn suggested. "With several of the schools in Metro teetering on the edge of state takeover by the end of the year, we had lots of strict principals who wanted to hold our feet to the fire with lower scores." "I thought the whole idea was to provide the teachers With feedback so that we would know the areas where we need improvement," Tish said. "The principals were supposed to conduct two observations in the fall and two more in the spring," Jeri Lynn said. think that's asking too much of them when they already have so much on their plates. I think a lot of them are skimping on their visits. know I only had one observation last semester, and I'm sure Mr. Talley just faked the second set of numbers. The master teachers make only two observations a year, which may be more objective but counts for less." "I'm wondering, too, how a principal measure performance in a course area outside his area of expertise, such as math," Joey said. "If the guy has a phobia about math, anything the teacher says or does is going to 100k brilliant-thus a 5." Tish and Jeri Lynn looked at each other and laughed. "Maybe we picked the wrong subjects," Tish said. "My question is one of perception," Jeri Lynn said. "A large percentage of my students are ELL. That affects their scores. How do you measure a 3 in my situation against a 5 for Tish? At the end of the school year, little Carlos is thrilled that his reading in English has improved, but there`s no Big Bang here. a slow steady improvement that may not actually show up in big strides for a couple of years: "So, the question is how do they create a system that is fair?" Tish asked. "And accurate," added Jeri Lynn. How might the state control the accuracy of principals who are conducting teacher evaluations? Explain.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?
- 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?
- Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?What are some of the potential benefits of a more formalizedapproach to forecasting?Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe 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?3- What are the different Forecasting Approaches? Explain each in detailWhat are the issues associated with qualitative forecasting, and how are these overcome? Provide an example of qualitative forecasting and explain the shortcomings