Justify the trade-off between responsiveness and consistency in a time-series forecasting system.
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: 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.…
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Q: 12. Under the bottom-up approach, a central person or persons take the responsibility for…
A: The method of predicting future outcomes based on past and present data by analyzing the trends is…
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: 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: Explain when to use of a time series forecasting techniques and what assumption are made ?
A: The statistical procedures perform statistical analysis on historical data to forecast the…
Q: subject: strategic management What are some of the issues and danger in forecasting? Cite…
A: The methods and procedures used to forecast company events such as sales, expenditures, and profits…
Q: Who needs to be involved in preparing forecasts?
A: The manager ultimately has the key responsibility to prepare the forecast. An organization should…
Q: Explain the trade-off between responsiveness and stability in a forecasting system that uses…
A: Time Series Data: statistic knowledge is outlined as during an amount of your time,…
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: 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: What does the word "biassed" mean when applied to a specific forecasting technique?
A: Forecasting is a common and widely used methodology in almost every area of endeavor, including…
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: Explain the tradeoff between responsiveness and stability in forecasting system that uses…
A: Forecasting: Forecasting can be termed as prediction of future sales or demand of a product. It is a…
Q: Which qualitative forecasting technique was developed to ensure that the input from every…
A: Delphi method.
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: Explain what forecasting techniques makes use of written surveys or telephone interviews
A: Operations management manages the internal operation. It starts with the procurement and ends with…
Q: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
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: snip
A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: Describe the ASSOCIATIVE FORECASTING TECHNIQUES?
A: Associative forecasting is the technique of forecasting which uses several independent variables as…
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: Explain the distinction between short- and long-term forecasts?
A: Forecasting is a technique that enables the generation of educated forecasts by utilising historical…
Q: exponential smoothing superior to moving averages
A: Remarkable smoothing is a general guideline method for smoothing time arrangement information…
Q: Describe when to use of a time series forecasting techniques and what assumption are made?
A: Statistical approaches are used to forecast variables by analysing historical data. Forecasts are…
Q: Forecasting time horizons include:a) long range. b) medium range.c) short range. d) all of the…
A: Forecasting refers to making decisions and predicting on the basis of previous or past experiences.
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 difference between qualitative and quantitative approaches to forecasting. Describe…
A: Forecasting is the method of forming foresight dependent on historical and existing or present…
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: 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: 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 is Use a naive method to make a forecast?
A: Naïve method of forecasting is a simple forecasting method where the sales or demand of the previous…
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: Describe the process of Forecasting in the Service Sector?
A: Forecasting is the way toward making forecasts of things to come dependent on over a wide span of…
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: How many steps are there in collaborative planning, forecasting, and replenishment (CPFR)?
A: There are 9 steps in collaborative planning, forecasting, and replenishment (CPFR). They are:
Q: In the text, the example of Walmart's collaboration with Sara Lee during hurricane season enables…
A: Demand forecasting is the method involved with utilizing prescient investigation of verifiable…
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: State and describe the forecasting technique which places more emphasis on recent values and explain…
A: To be determined: the forecasting technique which places more emphasis on recent values and explains…
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: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
Justify the trade-off between responsiveness and consistency in a time-series
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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.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 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_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?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?Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?
- Describe when to use of a time series forecasting techniques and what assumption are made?Explain the benefits does exponential smoothing have over moving avarages as a forecasting tool ?Explain the basic assumptions made when using time series forecasting techniques as opposed to casual techniques ?
- Explain when to use a time series forecasting techniques ?What are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?Discuss the basic assumptions made when using time series forecasting techniques as apposed to casual techniques ?