Q3 The following table contains the sale of water pumps for the last 10 months in a retail outlet. Week No. Actual Demand Week No. Actual Demand 1 31 36 34 7 38 33 8 40 4 35 9 40 37 10 41 i) Forecast for 11th week using exponential smoothing method for these data using a (alpha) of 0.3, and an initial forecast of 32. ii) Use 3 weeks moving average to forecast 11th month. iii) Identify the best method using Mean Absolute Deviation (MAD). iv) Justify your decision. 2.
Q: Question No. 1 List the specific weaknesses of each of these approaches to developing a forecast: a.…
A: Question 1 is answered below. Kindly post the other questions separately.
Q: Question 1 Ampomah Group is a large Ghanaian consumer products company with origin in Nkawkaw in…
A: The case above talks about Ampomah group which operates in high income customer segment category and…
Q: Q. 13 Weekly demand for cases of canned food at a local grocery outlet is shown. Using a 2 period…
A: A moving average is a procedure to find out about the patterns in an informational index; it is an…
Q: Calculate the Tracking Signal to two decimal places.
A: SOLUTION: Tracking Signal = 2.35 Hence, the solution of this answer is as below:
Q: How forecasting helps in different disciplines of management science? Make a comparison between…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: Explain how flexibility in productions system relates to the forecast horizon and forecast accuracy?
A: Investigate how flexibility can be used in a manufacturing system to understand the concept of a…
Q: Find the monthly forecast and seasonal indices for year 2021, given the following data:
A: Seasonal factors will be determined for each month of each year in this problem, and the average of…
Q: Problem #1- The table below shows the actual sales of a Product X sold by Compa January to December…
A: This question is related to the topic -Forecasting approach and this topic falls under The…
Q: Judgmental forecasts have the following strengths, except___________. a. Can include “inside” and…
A: A prediction based on subjective data. A judgmental forecast is one that is made by someone who is…
Q: Successful Companies examine the future outcome using previous evidence."Does RMG in Bangladesh…
A: RMG ( Ready-made garments ) is one of the major drivers of the economy of Bangladesh. Bangladesh is…
Q: Question 03 Suppose you sell stylish leather bags targeting young office going people who can use…
A: Given data is
Q: Calculate the three-period simple moving average forecasts for months 4, 5 and 6.
A: ANSWER IS GIVEN BELOW:
Q: Discussion #1 & #2
A: As per the Bartleby Honor code we are not supposed to answer more than 1 question at a time. Please…
Q: Question 4.2 A restaurant has tracked the number of meals served at lunch over the last four weeks.…
A: Given Information- Day Week 1 Week 2 Week 3 Week 4 Sunday 40 35 39 43 Monday 54 55 54 59…
Q: If the forecasted value of the time series variable for one period is 28.5 and the actual value…
A: Forecasted value = 28.5 Actual value = 32
Q: Question Three: Jane is trying to forecast demand for her store, using moving average with n=2, Fill…
A: Find the given details below: Given details: Year Quarter Enrollment 1997 1 313 2 285…
Q: Question 4 Jo-Jo Inc is a manufacturing firm that produces soap. The company is owned by two…
A: Decision tree analysis is the technique represented through the graph to solve the business problem.…
Q: Question 3: Jane is trying to forecast demand for her store, using moving average with n-2, Fill in…
A:
Q: Q6- Answer "true" or “false" to the following statements: 1. The term compound interest refers to…
A: "Since you have posted questions with multiple sub-parts, we will solve the first three sub-parts…
Q: Identify two business situations where the Delphi method might be used to generate forecasts. Can…
A: The Delphi approach (also known as the Delphi procedure or process) is a way of gathering expert…
Q: ii. The last seven weeks of sales at KC car dealership can be seen in Table 2 below. Table 2 Week…
A: Week Sales 1 25 2 30 3 27 4 31 5 27 6 29 7 30 8
Q: Question 2 Differentiate between independent and dependent variable in forecasting The last seven…
A: The major differences between the dependent variable and independent variable are the following:…
Q: Q1. What are the elements of good forecasting? Note: Write only the questions:
A: What Is Forecasting:- Forecasting is a method that utilizes chronicled information as contributions…
Q: Calculate the mean square error, mean absolute deviation and the Period Year Call Volume forecast…
A: Find the given details below: Given Details: Period Year Call Volume forecast Error 1 1 30 45…
Q: QUESTION 9 The following is the actual sales for Manama Company for a particular good: t Sales 19 23…
A: t sales x y 1 19 2 23 3 22 4 27 5 34
Q: Question: We know to predict the SSN number in the US if you were to take up a project/…
A: Aadhar card is an Indian unique identity number that contains 12 digits and information based on…
Q: Discussion Question #2 - Present and discuss in detail the benefits and challenges of two…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 1. Discuss the differences between Qualitative and Quantitative forecasting models. How do…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Al Maha Plastic manufacturing Companies last Six weekly values of Sales were 90, 110, 115, 135, 140,…
A: ERROR= ACTUAL SALES -FORECAST MAD = ABSOLUTE CUMULATIVE ERROR/ WEEK NUMBER TRACKING SIGNAL=…
Q: MA forecast for as many periods as possible before calculating the CFE. Group of answer choices…
A: A moving average can be stated as the statistics that grab or captures the average transformations…
Q: QUESTION # 7 A small restaurant offers tacos to their patrons. One of their specialties is the Mega…
A: Given Information: a) The forecasted demand for using a moving average with n = 3 is :
Q: Q4 ABC University wants to develop forecasts for next year's quarterly enrollment. It has collected…
A: Given data is
Q: i. Differentiate between independent and dependent variable in forecasting. ii. The last seven…
A: The major differences between the dependent variable and independent variable are the following:…
Q: My question is: How do you Calculate a moving average forecast using the last 2 and 4 dates of stay.…
A: A moving average, which is the average of any subset of values, is a method for gaining a general…
Q: QUESTIONS All Ans to 3 Decimal Places Use the Naiive method to forecast for Feb -Aug 2021 2…
A: As per our guidelines, we are supposed to answer only three sub-parts if multiples sub-parts are…
Q: What factors would you consider in deciding whether to use wide or narrow control limits for…
A: Control limits are the boundaries defined in a control chart within which all the random errors that…
Q: Statement I Statement 2 SC Middle manager are the ones responsible for setting operations goals and…
A: In Bartleby's policy, providing reference is not allowed.
Q: Seatwork Compute for MAD, MSE and MAPE using Moving Average Model (past 3 Weeks), В. А. Exponential…
A: Forecasting is the process of estimating the future demand or sales using the previous years or…
Q: Determine the forecast of next year’s quarterly sales revenue for this line of laptops. Show all…
A: Below is the solution:-
Q: Qualitative forecasting technique. Explain the situations where we use Qualitative methods. Discuss…
A: Qualitative forecasting is a forecasting technique/method used for expert judgment, rather than…
Q: Questions: 1. What are some of the potential benefits of a more formalized approach to forecasting?…
A: The process that uses to predict the future based on past data is known as forecasting. The…
Q: Question DEMAND FOR FERTILIZER YEAR (1,000S OF BAGS) 1 4 2 6 3 4 4 5…
A: 1.) Given Data - YEAR Demand for fertilizer 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8 9 9…
Q: q. 15 Calculate the accuracy of your MA forecasts using MAD. What does the result tell you?…
A: Given-
Q: Th e manager of a small health clinic would like to useexponential smoothing to forecast demand for…
A: In exponential smoothing; Here,
Q: Q3: George Kyparisis owns a company that manufactures sailboats. Actual demand for Georg's sailboats…
A: Demand is of different types: Individual and Market demand. The goods and services demanded by the…
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 4 images
- 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?Q1 Given the Supply chain cost for a service is PKR 195 and the customer value is PKR 225. Determine supply chain surplus and consumer surplus. Q2 PizzaHut is a franchise based model which serves customers a variety of pizzas and related products. The service is purely customized. Identify whether the model is push-based supply chain or pull based supply chain. Can we a have push-pull boundary in PizzaHut case? How? Q3 Discuss Qualitative forecasting technique. Explain the situations where we use Qualitative methods. Discuss Delphi forecasting method and its challenge.q1(a)Imagine that you need to introduce a new gadget such as the Apple Watch. Determine which forecasting method is appropriate for projecting the future demand of such this gadget. b)ARIMA is mostly used to forecast future values using historical time series data, as we all know. Its primary use is in short-term forecasting with at least 38-40 historical data points and a small number of outliers. If we don't have at least 38 data points, we should consider using another strategy.
- QUESTION 2:The manager of YTL Computers wants to develop next year’s quarterly forecasts of salesrevenue for its brand laptops. The sales are seasonal and the company believes that thefollowing most recent eight quarters of sales should be representative of next year’ssales: Year Quarter Sales (millions of dollars) 1 1 9.2 1 2 5.4 1 3 4.3 1 4 14.1 2 1 10.3 2 2 6.4 2 3 5.4 2 4 16.0 Determine the forecast of next year’s quarterly sales revenue for this line of laptops.Show all your workings.q. 15 Calculate the accuracy of your MA forecasts using MAD. What does the result tell you? Group of answer choices a. There is a bias towards over forecasting b. There is a bias towards under forecasting c. On average forecasts miss by 15% d. On average forecasts miss by 2 e. MAD does not provide any useful information without a CFE calculation to compare withQ 6 Identify two business situations where the Delphi method might be used to generate forecasts. Can you think of any difficulties and pitfalls associated with using the Delphi method?
- Question 03 Suppose you sell stylish leather bags targeting young office going people who can use your bags to carry laptops and necessary stuff. You have already launched leather bags in February of this year and now based on the demand results of last 7 months, you want to predict the demand for your bags for the month of September. Hence, you want to select the right forecasting techniques and you are considering 2 period Moving Average, Naive technique and Exponential Smoothing (use any value between .10 - .15 as the value of alpha). Now figure out the better forecasting technique among 2 period Moving Average, Naive technique and Exponential Smoothing by doing the error calculation with the help of MAD, MSE, MAPE. Period Demand 2period Moving Average (Demand forecast) Naive technique (Demand forecast) Exponential Smoothing (Demand forecast) February 70 75 ** ** March 74 78 ** ** April 80 ** ** ** May 88 ** ** ** June…If the forecasted value of the time series variable for one period is 28.5 and the actual value observed for the same period is 32, what is the forecast error for that period? Question 19 options: 3.5 2 -3.5 4q. 14 Given the same data, calculate the CFE for when using a MA for this data. Tip: You will need to calculate the MA forecast for as many periods as possible before calculating the CFE. Group of answer choices a. 0 b. -1 c. 1 d. 2 e. -2