What are the issues associated with qualitative forecasting, and how are these overcome? Provide an example of qualitative forecasting and explain the shortcomings
Q: Explain the benefits does exponential smoothing have over moving avarages as a forecasting tool ?
A: While in Moving Averages the previous perceptions are weighted similarly, Exponential Smoothing…
Q: 1. a.) What is forecasting? b. Explain the importance of forecasting for managers like you? c.) What…
A: Forecasting is simply analyzing and evaluating the past or present data to determine or predict the…
Q: Explain how do we measure accuracy of a forecasting model
A: We utilize the following criteria to determine a prediction model's efficiency:
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: Explain what us qualitative forecasting model and when should it be used
A: Qualitative approach is a way of evaluation based on subject specialists and not on numeric…
Q: Explain the trade off of responsiveness in a time series forecasting system
A: In return for improvements on other issues, Tradeoff is a situation-based technique that entails…
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: Contrast the reactive and proactive approaches to forecasting. Give several examples of types…
A: When one talks of proactive and reactive approaches to forecasting, it basically means that one has…
Q: Explain what are the forecasting process principles?
A: Forecasting is the science of forecasting what will occur in the future based on past and current…
Q: Daily high temperatures in St. Louis for the lastweek were as follows: 93, 94, 93, 95, 96, 88, 90…
A: Since you have asked multiple questions, we will solve first question for you (a, b and c). If you…
Q: Explain what is seasonality and how forecast is done using data that has seasonality
A: In time series analysis, seasonalities are regarded as repeated up / down cyclic patterns in serial…
Q: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
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: What are ways of managing a poor forecast?
A: A bad forecast presupposes that there has been a mismatch between the demand and supply as a result…
Q: Explain what assumptions do qualitative forecasting systems make
A: Qualitative prediction systems make the following assumptions:
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: Identify the major differences between qualitative and quantitative forecasting.
A: Forecasting can be defined as the technique which predicts the future information based on…
Q: Explain the similarities and differences between quantitative forecasting and qualitative…
A: Forecasting refers to the process of making predictions for the future using past and present data.…
Q: What advantages as a forecasting tool does exponential smoothing have over moving averages?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
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: Which qualitative forecasting technique was developed to ensure that the input from every…
A: Delphi method.
Q: Forecasting Forecasting is important relative to capacity requirements planning. What are some of…
A: Qualitative data forecasting techniques mainly describes the characteristics and qualities of the…
Q: At the ABC Floral Shop, an argument developed between two of the owners, Bob and Henry, over the…
A: A simple exponential smoothing method is used for smoothing time series data by assigning…
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: Several business periodicals often carry reports of companies that may not have met their sales and…
A: Periodicals are a category of serial publications with a series of articles. They are published…
Q: Explain four qualitative forecasting techniques ?
A: Planning refers to the process of assessing demand for the goal of future supply chain and…
Q: What is forecast accuracy and what are the different methods to check it?
A: Forecast Accuracy is basically how accurately the predicted value matches the actual value. In…
Q: Explain the methods that are used to develop the forecasting methodology
A: Forecasting is a continuous activity that the business employs in both the short term and long term.…
Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?
A: As a forecasting function, exponential smoothing has the following benefits over running averages:…
Q: Explain the term forecasting with least squares
A: Forecasting is a way of making a broader basis about the coming supported by facts. It can be used…
Q: Suppose you are working for a baking company in Bangladesh. What are the relevant factors you will…
A: Forecasting is the activity of making estimations of future activities based on past and present…
Q: Discuss the time horizons for doing forecasting, and also identify 2 activities that are forecasted…
A: Forecasting is the strategy of anticipating what will be occurring soon it is utilized by numerical…
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: 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: Forecasting is an important guard against guess work in decision making. In light of this statement…
A: Every firm engages in a annual planning process for production where the marketing function provides…
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 Principles for the Forecasting Process?
A: There are many forecasting models and they differ in degree of complexity and amount of the data…
Q: A time-series trend equation is 25.3 + 21x. What is your forecast for period 7? A. 32.3 B.…
A: Forecasting is the process in which future demand is determined by estimation using previous data or…
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: There are two major ways of gaining data for the technology forecast. Which one you prefer using for…
A: Technology forecasting endeavors to foresee the future attributes of valuable mechanical machines,…
Q: Forecasting is critical in modern times. Business organizations manifested more concern with…
A: It is at the national, industry, and firm levels that business forecasting takes place. Forecasts…
Q: What are the major consequences of accurate forecasting? explain
A: Forecasting is defined as a process of developing predictions based on the past and…
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: List down some of the factors that may affect forecasting? What is the bases of forecasting
A: Forecasting is a process that uses historical data as information to make informed estimations that…
Q: Define Qualitative forecasting?
A: Forecasting is an approach that helps in predicting the future estimates based on the past data.…
- What are the issues associated with qualitative
forecasting , and how are these overcome?
- Provide an example of qualitative forecasting and explain the shortcomings
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- What forecasting techniques are used in the management of technology and innovation?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?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_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.
- Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? 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?Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?
