What is a time series and the rationale for forecasting based on a time series analysis?
Q: How do exponential smoothing advantages have over moving averages as a forecasting tool?
A: The advantages of exponential smoothing as a forecasting method over operating averages are as…
Q: When to use of a time series forecasting technique, what assumptions are made?
A: The statistic techniques uses statistic on historical data and therefore the variables forecasted.…
Q: What tool should we use to know whether our forecasting was under forecasted or over forcasted? Is…
A: This question is related to forecasting, we use several tools or parameters to check Bias, accuracy…
Q: What are the use of a time series forecasting and what assumption are made ?
A: Globalization is the process of contact and connection between people, businesses, and governments…
Q: Identify the critical conditions and trade-offs to take into account when selecting forecasting…
A: When choosing the forecasting technology, the important considerations cost and accuracy are…
Q: Explain what benefits as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change frequently, the exponential smoothing method is superior.…
Q: In your own words, explain adaptive forecasting.
A: Forecasting is the term which is defined as the technique that uses the data which is historical in…
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: subject: strategic management What are some of the issues and danger in forecasting? Cite…
A: The methods and procedures used to forecast company events such as sales, expenditures, and profits…
Q: What is the connection between forecasting and quality control?
A: TQM can be thought of as a control framework for a client organisation that actively promotes…
Q: Think of an industry or company other than automotive that relies heavily on forecasting accuracy.…
A: Forecasting is completely based on past data, unlike predictions that are based on instinct, or…
Q: Explain the basic assumptions made when using time series forecasting techniques as opposed to…
A: The Time Series Initial Phase makes a variety of assumptions.
Q: Do you think that hard rock cafe makes use of time horizons when forecasting?
A: The forecast horizon is that the duration of your time into the destiny that forecasts are to be…
Q: Explain when to use a time series forecasting techniques
A: The statistical techniques are applied to past records and hence to the projected variables.…
Q: What is the strategic importance of forecasting for a business such as Pinkie Ice Cream ? What are…
A: Strategic Management Strategic management gives general way by creating plans and approaches…
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: Describe in detail what is a time series forecasting model ?
A: Forecasting is a type of prediction approach that can be used to make future judgments based on past…
Q: Explain the relationship between forecasting and quality management?
A: Total quality management (TQM) is a continual process of identifying and avoiding or eliminating…
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: what are the benefits of exponential smoothing forecasting?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Explain what can a company do to resolve the problem of forecasting accuracy?
A: Forecasting is the technique of anticipating the future using facts from the past and present.…
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: Give three examples of unethical conduct involving forecasting and the ethical principle each…
A: Forecasting is the planning process that helps to predict the future demand using present or past…
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: 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: 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: An example of the Quantitative Method of forecasting is
A: Businesses and salespeople can use quantitative forecasting, an objective, data-based process, to…
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: 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: Explain the difference between qualitative and quantitative approaches to forecasting. Describe…
A: Forecasting is the method of forming foresight dependent on historical and existing or present…
Q: Describe the various types of time-series and associative forecasting models. Which types of…
A: Time series models take a gander at past examples of information and endeavor to foresee the future…
Q: What effect does the number of cycles in a moving average have on the forecast's responsiveness?
A: In order to estimate potential demand, the Moving Average (MA) projection method uses the MA formula…
Q: What is 'forecasting error'? What are the metrics used in measuring forecasting errors?
A: Forecasting Error A prediction error is the difference between the actual or real value of a time…
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: 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 follows seven basic steps. What are they?
A: Forecasting is a tool that allows educated predictions using historical data as inputs that are…
Q: Identify and explain the areas other than mentioned where the Hard Rock Cafe could use forecasting…
A: Hard Rock Cafe, Inc. is a chain of subject eateries established in 1971 by Isaac Tigrett and Peter…
Q: Why the following Approaches are used in forecasting, how would you interpret them what do they mean…
A: Forecasting is a technique that a marketer uses to estimate various things like a trend, future…
Q: What forecasting tool is most appropriate when closely working with customers dependent on your…
A: CPFR (Collaborative planning, forecasting, and replenishment) is a forecasting tool that is the most…
Q: what is the main difference between casual methods and time series methods used in forecasting?…
A: This question is related to the topic of the forecasting approach and this topic falls under the…
Q: What is bias error in forecasting? What are some of the causes?
A: Bias error refers to the mistake in forecasting, which shows difference between the actual outcome…
Q: What is the expected sales for the 7th week based on 3 period moving average. What is the forecast…
A: Forecasting is the process of predicting the future demand using previous or historic information.
What is a time series and the rationale for
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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?
- 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?What forecasting techniques are used in the management of technology and innovation?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?Explain when to use a time series forecasting techniques ?What benefits does exponential smoothing have over moving averages as a forecasting tool?