What factors would you consider in deciding whether to use wide or narrow control limits for forecast?
Q: Explain the term “wrong” as it pertains to a good forecast?
A: In forecasting techniques, the word "wrong" refers to a difference between the real and forecasted…
Q: Using a 3 period moving average, what is the forecast for day 8?
A: 3 period moving average is a forecasting model which helps to identify the forecast as the average…
Q: b) The forecast for the next month (Jan) using the naive method = sales (round your response to a…
A: Below is the solution:-
Q: What are the similarities and differences between ridge regression and forecasting?
A: A Small Introduction about Regression Regression analysis is used to predict a continuous dependent…
Q: State the various uses of forecasting in points wise answer
A: The pattern is regarded as the predictive method to decide on the company.
Q: 10. What is the approximate forecast for May using a four-month moving average? a.38 b.43 c.44 d. 47
A: Given data is
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: a. Using a three-week moving average, what would you forecast the next week to be number.) Forecast…
A: Forecasting is predicting in advance what future sales/demand can be.
Q: State when is the time series forecasting is used ?
A: Forecasting is a process that utilizes historical information and reports to forecast future events.
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 factors would you consider in deciding whether to use wide or narrow control limits for…
A: Control limits refer to those limits within which all the data values are acceptable by the…
Q: b) What is this year's forecast using a three-year weighted moving average with weights of 0.5, 0.3,…
A: The concept of Operation Management: Operation management is the management that applies to a…
Q: List the various type of analytical tools and methods used in forecasting?
A: Numerous statistical approaches are used to examine the data, which enables the data to be…
Q: Discuss when is time series forecasting used?
A: Forecasting is a strategy for forecasting future events using historical data and knowledge.
Q: a) Compute MAD and MAPE for management's technique. b) Do management's results outperform (i.e.,…
A: MAD stands for mean absolute deviations MSE stands for mean squared error.
Q: How does the number of periods in a moving average affect the responsiveness of the forecast?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: Explain how can does the number of periods in a moving average affect the responsiveness of the…
A: Moving Average (MA) forecasting calculates the average over a certain number of periods in order to…
Q: Describe three different forecasting applications at Hard Rock.Name three other areas in which you…
A: Introduction: Hard Rock Cafe is a restaurant chain which is founded in the year 1971 in London and…
Q: What forecasting technique makes use of written surveys or telephone interviews?
A: Ans- Forecasting is the process of making assumptions of the future on the basis of past and present…
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: No singal forecast methodology is appropriate under all conditions: True or false?
A: Forecasting is a method that utilizes authentic information as contributions to make educated…
Q: What is the connection between using a tracking signal and statistical control limits for forecast…
A: The monitoring indicator is a statistic that is used to determine whether the actual demand fits the…
Q: What is the purpose of establishing control limits for forecast errors?
A: Forecast errors are described as the difference between the forecast of a particular period and that…
Q: Justify the trade-off between responsiveness and consistency in a time-series forecasting system.
A: TradeoffTradeoff is a situational decision taken approach, that involves diminishing quality,…
Q: Choose the type of forecasting technique (survey, Delphi, averaging, seasonal, naive, trend,…
A: Seasonal forecast is a type where the prediction is done only in that particular season. This is…
Q: Can you either overestimate or underestimate the actual sales number for a poor forecast?
A: A forecast is a foresight of whatever will occur. While usually practiced in the circumstances of…
Q: What are the main advantages that quantitative techniques for forecasting have over qualitative…
A: Forecasting is the process of estimating potential demands as well as the resources that will be…
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: Discuss the strategic importance of forecasting. What strategic decisions do organizations need to…
A: There is a huge competition between all the organizations these days to excel themselves in their…
Q: Clinic administrator Marc Schniederjans wants you to forecast patient demand at the clinic for week…
A: Below is the solution:-
Q: Forecast is calculating estimates of future cycle/s based on data of past cycles -- there is no…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: List the analytical tools and methods used in forecasting?
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: b. Using exponential smoothing with a = 0.40, if the exponential forecast for week 3 was estimated…
A: Exponential smoothing is a forecasting model which helps to identify forecasting value using the…
Q: You have quarterly training data on beer production From 2006 to the end of 2007. Use the average…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
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: Give an example of forecasting a pet store
A: The forecast is defined as the projection based on past data. Past data, though, is factual, yet…
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: Explain when is time series forecasting used ?
A: Forecasting is the process of predicting future events based on previous data and information.
Q: While monitoring the forecast values in last 5 months, the tracking signals are consistently coming…
A: The tracking signal is given the ratio of accumulated forecast error to average error, with 0 being…
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- 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?
- 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?a. What do we mean by forecast?b. Can a forecast have an error? Justify your answer.
- State examples of industries affected by seasonality and reasons to eliminate seasonality in their business in forecasting ?Explain how can does the number of periods in a moving average affect the responsiveness of the forecast?What factors would you consider in deciding whether to use wide or narrow control limits for forecasts?
- 2. Explain the three different source of information and forecast assumptionsQ 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?a.A number of factors must be taken into consideration when selecting a particular forecasting model. State and discuss them. b.For what four purposes may load data be collected?