Please solve the question in the picture. Question 2Differentiate between independent and dependent variable in forecasting.The last seven weeks of sales at KC car dealership can be seen in Table 2 below.1.11.Table 2WeekSales25302731272930a. Use a three-period weighted-moving average forecast to determine a forecastfor the 8th week using weights of 3, 2, and 1 (where the most recent weekreceives the highest weight). (Round all forecasts to the nearest whole unit.)b. Calculate the MAD for this forecast.c. What does the MAD indicate?23456700

The major differences between the dependent variable and independent variable are the following:…

Answered: Question 2 Differentiate between…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Under what conditions might a firm use multiple forecasting methods?
Question 2 i. Differentiate between independent and dependent variable in forecasting. ii. The last seven weeks of sales at KC car dealership can be seen in Table 2 below. Table 2 Week Sales 1 25 2 30 3 27 4 31 5 27 6 29 7 30 8 a. Use a three-period weighted-moving average forecast to determine a forecast for the 8th week using weights of 3, 2, and 1 (where the most recent week receives the highest weight). (Round all forecasts to the nearest whole unit.) b. Calculate the MAD for this forecast. c. What does the MAD indicate?
QUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months. Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150 a. Using the following, forecast the sales for the months up to January the following year:- ii. A three period weighted moving average using weights of 1, 2 and 3. Assign thehighest weight to the most recent data.
Question #2 Month Demand 1 45 2 48 3 43 4 48 5 49 6 54 7 47 8 50 9 46 10 47 Using the table above, calculate two forecasts using the following method:- First, for periods 4 through 10, develop the exponentially smoothed forecasts using a forecast for period 3 (F3) of 45.0 and an alpha of 0.4. ii. Calculate the weighted moving average for periods 4 through 10, using weights of .70, .20, and .10, with 0.70 applied to the most recent data. iii. Calculate the mean absolute deviation (MAD) for each forecasting procedure. Which forecasting procedure would you select? Why?
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.
Question 18 A tire company needs a forecast for studded tires in the next forecast period. The company typically uses an exponential smoothing forecast using a smoothing constant of alpha = 0.20. The demand for the most recent period was 100 and the forecast for the same period was 110. Based on this information, what is the tire company's forecast for the next period? Group of answer choices a. 100 tires b. 102 tires c. 108 tires d. 110 tires e. Impossible to determine
Questions: 1. What are some of the potential benefits of a more formalized approach to forecasting? 2. Prepare a weekly forecast for the next four weeks for each product. Briefly explain why you chose the methods you used. (Hint for product 2, a simple approach, possibly some sort of naive/intuitive approach, would be preferable to a technical approach in view of the manager's disdain of more technical methods).
QUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150a. Using the following, forecast the sales for the months up to January the following year:-i. A simple three month moving average. ii. A three period weighted moving average using weights of 1, 2 and 3. Assign thehighest weight to the most recent data. iii. Exponential Smoothing when α= .6 and the forecast for March is 350.iv. Determine which of the three forecasting technique is the most accurate usingMAD. b. The following table shows the number of televisions sold over the last ten years at alocal electronic store.YEAR TV SALES1 1502 3003 4804 6005 6306 6407 7008 8259 90010 980i. Using trend projection, develop a formula to predict sales for years 11 and 12. Youhave to show all working. You will need to develop a table to calculate the slope andthe intercept.…
QUESTION 5 Choose the answer with the best match. Elements of a Good Forecast, Meaningful: The benefits should outweigh the costs It should work consistently The degree of accuracy of the forecast should be stated The forecasting horizon must cover the time necessary to implement possible changes so that its results can be used The units measured should be useful to those using the forecast QUESTION 6 There are two main approaches to forecasting. Choose the best two: Quantitative, Consumer Judgmental, Quantitative Sales force, Judgmental Historical, Consumer Expert, Executive QUESTION 7 Describe the following: Andon Maintaining equipment in good condition Maintaining a workplace that is clean System for moving work to the next station as it is completed System of lights used at each workstation to…
QUESTION 1 Sales of Fat Lips Burgers for 2012 are shown in the table below. 1. Do the 2 month SMA forecast 2. Do 2 month WMA forecast using the information below WMA – 2: last month, 1 – last 2 months 3. For the month of January 2012, the forecast was 438. Do the EMA forecast with the smoothing constant = 0.3. What is the forecast for Jan 2013? 4. Compare the forecasts above using MAD, MSE and MAPE. Which forecast method gives the least errors? Month Actual Sales Forecast Jan 2012 438 Feb 420 March 414 Apr 318 May 306 June 240 July 240 Aug 216 Sep 198 Oct 225 Nov 270 Dec 315 Jan 2013 - QUESTION 2Dayang sells 5 kg bags of fertilizer to local farmers in Tg Karang. The sales data for the past 11 months is shown below. Month Demand (10s of bags) 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8 9 9 12 10 14 11 15 1. Find the forecast for the month 12 using the methods below: a. Simple 4 month moving average (SMA) b.…
QUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150 a. Using the following, forecast the sales for the months up to January the following year:- iii. Exponential Smoothing when α= .6 and the forecast for March is 350.
QUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150 a. Using the following, forecast the sales for the months up to January the following year:-i. A simple three month moving average

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