Answered: The sale data is shown as follows:…

The sale data is shown as follows: Month 1: 1 Month 2: 6 Month 3: 9 Using 3-month Simple Moving Average method to forecast the sales of Month 4: ________ (Round your answer to the nearest integer)

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

See similar textbooks

Related questions

Q: Cranberries can be harvested using either a "wet" method or "dry" method. Dry-harvested cranberries…

A: Decision Variables: Suppose-W = barrels of cranberries harvested using wet methodD = barrels of…

Q: nagement of physical projects an

A: Professionals who wish to develop digital products, such as websites or mobile applications, now…

Q: The Childfair Company has three plants producing child push chairs that are to be shipped to four…

A: A transportation problem would be a linear programming challenge that includes choosing the best…

Q: P inventory systems require continuous review of inventory levels. True False

A: It is true that P inventory systems require continuous review of inventory levels.

Q: Who has the primary responsibility of defining and delegating corporate social responsibility (CSR)…

A: CEO has the primary responsibility of defining and delegating corporate social responsibility…

Q: Gestalt, Inc. uses a kanban system in its automobile production facility in Germany. This facility…

A: The average processing time refers to how much time it takes to process a task or a set of tasks, on…

Q: Lillian Fok is president of Lakefront Manufacturing, a producer of bicycle tires. Fok makes 1,200…

A: Multifactor productivity=OutputTotal cost of…

Q: As a distributed team, it is important for us to all get together in person throughout the year. We…

A: The issue is setting up the necessary arrangements for a scattered team's staff meeting. Distributed…

Q: After a number of complaints about its tech assistance, a computer manufacturer examined samples of…

A: Given-

Q: The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail by Clayton Christensen…

A: The Innovator's Dilemma highlights the significance of innovation in the present fast-changing…

Q: Explain the impact of factors on research Factors may include: • Ethics • Data protection •…

A: Below are the factors that impact research:

Q: How did yo find the points??

A: First we formulate the problem: Suppose,x1 = be the no of product A is produced.x2 = be the no of…

Q: Case Study: Montana Mountain Biking Jerry Singleton founded Montana Mountain Biking (MMB) 18 years…

A: The firm Montana Mountain Biking (MMB), which offers one-week guided mountain bike adventures in…

Q: A maintenance building construction project also includes an external electrical generator and water…

A: Find the given details below: Activity Planned Value Percent Complete Actual cost (1000s)…

Q: Consequential: Strategic decisions commit substantial resources and demand a great deal of…

A: Strategic decisions are based on the long-term objectives of an organization. It describes the…

Q: Analysis of 'attitude towards product quality' to expand coconut products to USA from Guyana

A: Attitude toward product quality refers to a common perception that consumers have toward the quality…

Q: ost Covid, the Faculty of Science at UEC has procured a suite of thirty (30) Smart Digital Lockers…

A: The above-given question is based on the Volere Requirements model. The Volere Requirements Model…

Q: The AB manufacturing company has two kinds of products: A and B. They earn $180 profit for each…

A: Formulation of LP Based on the given information: Objective Function : Maximize 180A + 90B subject…

Q: 3. Crash Time & Crash Costs Mimiyuuuh Builders uses the critical path method to monitor construction…

A: Given details: Activities Cost to crash 1 week Cost to crash 2 weeks BC 8000 15000 DE 10000…

Q: Aggie Power Generation supplies electrical power to residential customers for many U.S. cities. Its…

A: Find the given details below: City Distribution costs Los Angeles Tulsa Seattle Demand…

Q: Becky Shelton, a teacher at kemp middle school is in charge of ordering the T-shirts to be sold for…

A: T-shirt cost = $7 Sell = $14 Number of order shirt = 790

Q: Scenario -- Diamond Business Offices The following information was gained from an interview with the…

A: To ensure that all stakeholders receive the right level of communication during the project, the…

Q: I was wondering what the upsides of automating shipping company spreadsheets may be.

A: Automating shipping company spreadsheets involves using software and tools to automate various tasks…

Q: For this LP max 8.t.. = 4x1+xz <6 ≤10 3x1 + 2x2 6x1 + 3x2 1, 20 Betsy says that Rowo of the optimal…

A: Given LP- Max z = 4x1 + x2St.3x1 +2x2≤66x1 +2x2≤10x1, x2≥0

Q: Answer the given question with a proper explanation and step-by-step solution. An E-commerce firm…

A: Given- Weekly demand (d) = 10,000 unitsWeeks in a year = 50 weeksAnnual demand (D) = 10,000×50 =…

Q: 4) A small manufacturing firm has recorded a time series of the cost per unit for the firm's leading…

A: Forecasting is the process of predicting future values of a variable or a time series based on…

Q: a. What is the cost variance? b. What is the schedule variance? c. What is the cost performance…

A: NOTE: We are allowed to do the first three sub-parts only. Earned Value Analysis (EVA) is a project…

Q: 2. Arrivals and departures to Star Optometrist are collected and reported below: Arrival Departure…

A: Given-

Q: The Barberton Municipal division of Road Maintenance is charged with road repair in the city of…

A: Find the Calculation methods below: Regular Production = Working hours * WorkersOutput Forecast =…

Q: What are an airline's most important resources? How few computing resources will keep the business…

A: An airline's most important resources aircraft, trained pilots and other staff, fuel, airports,…

Q: Mr. Mermiad gets paid on commission. He sold a car for $56,000 and gets 8% commission. How much did…

A: Commission is determined by multiply selling with commission. selling price = $56,000 Commission =…

Q: How effective is it to go to your manager to request others take on some activities?

A: Below is the answer for the statement given:

Q: Specify the several categories of cost management software that are accessible to project managers

A: Cost management software can be defined as a sort of software application intended to assist…

Q: Your company currently keeps a safety stock of 554 units of a particular product that has a lead…

A: Find the given details below: Given details: Weeks Demand 1 1176 2 955 3 780 4 1052 5…

Q: What do we mean by the term queue discipline? o Queue discipline refers to how people should behave…

A: A queueing model is a mathematical framework used to analyze and understand how entities (such as…

Q: Do mobile phones and tablets have any drawbacks? How do the cost savings stack up against…

A: Below is the explanation whether phones and tablets have any drawbacks:

Q: what is called when pharmaceutical companies tilt their research toward areas of opportunities for…

A: The pharmaceutical industry is an exceptionally profitable and serious area that puts vigorously in…

Q: Gulf Coast Electronics is ready to award contracts to suppliers for providing reservoir capacitors…

A: Decision Variables: Suppose-B = No. of capacitors ordered from Boston ComponentsA = No. of…

Q: At what stage of global operations are ZEI, ABB, and Siemens'? Justify your answer

A: Global operations allude to the capacity of an organization to give its labor and products to…

Q: When a business decides to outsource some tasks, how much money can they anticipate to save?

A: Businesses that want to save expenses and boost efficiency often outsource their operations.…

Q: An investor wishes to invest all of her $6.5 million in a diversified portfolio through a commercial…

A: Decision Variables: Suppose-X1 be the amount to invest in low-income mortgage loansX2 be the amount…

Q: Can you create a Quantitative Strategic Planning Matrix (QSPM) for a travel agency which offers an…

A: Below is how you can create a Quantitative Strategic Planning Matrix (QSPM) for a travel agency that…

Q: Please answer the parts in the case of the operational manager in the Human Resource department as…

A: CASE SUMMARY- The above-given case includes an insurance company, Insurance Ltd., that acknowledges…

Q: The bathtub theory of operations management is being promoted as the next breakthrough for global…

A: Average output is produced by each input in the production process.

Q: a) Should managers monitor employee e-mail and Internet usage? Answer this question using the…

A: Employee internet usage monitoring alludes to the practice of tracking and recording employees'…

Q: Post Covid, the Faculty of Science at UEC has procured a suite of thirty (30) Smart Digital Lockers…

A: Below are the advantages and disadvantages (if any) of the trawling techniques identified:

Q: What is the probability that the project will take less than 42 weeks ? (Show work/ explain…

A: Given: Duration of the critical path (mu) = 40 The variance of the project (v) = 11.61 Duration for…

Q: 1. The network 2. The CP and expected completion time 3. All expected activity times, variances and…

A: NOTE: We are allowed to do the first three sub-parts only. The Critical Path Method (CPM) is a…

Q: State one retail business and talk about how their operational level management and inventory system…

A: Inventory management involves managing a company's inventory of raw materials, work-in-progress, and…

Q: When manager make a decision to open a new branch of Haidilao hot pot restaurant (海底攒) inMacau,…

A: When manager make a decision to open a new branch of Haidilao hot pot restaurant in Macau, he/she is…

Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

The sale data is shown as follows:

Month 1: 1

Month 2: 6

Month 3: 9

Using 3-month Simple Moving Average method to forecast the sales of Month 4: ________ (Round your answer to the nearest integer)

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

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 sale data is shown as follows: Month 1: 11 Month 2: 52 Month 3: 95 Using Weighted Simple Moving Average method (Month 1: 0.2; Month 2: 0.3; Month 3: 0.5) to forecast the sales of Month 4: ________ (Round your answer to the nearest integer)
The table below shows the sales of widgets (in units) over the past 5 years. Using exponential smoothing with a smoothing constant of 0.2, what is the forecast for next year? The initial forecast (for 5 years ago) was 1,200 units. Forecast: Time Sales 5 years ago 1,140 4 years ago 1,220 3 years ago 1,450 2 years ago 1,090 Last year 1,150 (Do not round intermediate calculations, round your final answer to the nearest whole number.)