What should be our forecast accuracy target if there is a high degree of volatility in customer orders and long lead times?
Q: snip
A: Answer: It is important to measure the accuracy of forecasts, for any forecasting technique and…
Q: If your forecast for 2022 is 40, using the seasonal index below, what is your forecast for 2nd…
A: Seasonal forecast = Forecast for a period * Seasonal index of that period Given, Total forecast = 40…
Q: Explain the word "false" for a successful forecast?
A: A difference between real and forecasted values is referred to as "fake" in forecasting strategies.…
Q: Given an actual demand of 103, a previous forecast value of 99, and an alpha of .4, the exponential…
A: Forecast using the exponential smoothing method: Demand for current period = 103 Forecast for…
Q: Tracy is the the Director of Supply Chain at Circuits Inc. An accurate forecast at Circuits Inc. is…
A: Error = Actual demand - Forecast Absolute Error = Positive Value of Error MAD = Average of Absolute…
Q: What are the benefits of exponential smoothing over moving average forecasting?
A: The following are the advantages of exponential smoothing over moving averages as a forecasting…
Q: The following table contains the demand from the last 10 months:…
A:
Q: Choosing between the three period and the five period forecasts, which one would you use as a…
A: Given data:
Q: (a) Compute a weighted average forecast for the data listed below using a weight of 0.40 for the…
A:
Q: No single forecast methodology is appropriate under all conditions True or false?
A: Answer: What is Forecasting: Forecasting is an attempt to predict future events which will be used…
Q: Which would result in a positive budget forecasting error?
A: Budget forecasting helps in determining the short term as well as long term goals of the company.…
Q: The demand data for Double T Computer Services appears below. The company wants you to forecast the…
A: THE ANSWER IS AS BELOW:
Q: What impact has the Internet had on how businesses predict in favour of their supply chain…
A: The supply chain can be defined as the whole group of the organization, technologies that contribute…
Q: Zeus Computer Chips Inc. used to have major contracts to produce the Centrino-type chips. The market…
A:
Q: Although a demand forecast is usually not accurate, managers must forecast demand. In this context…
A: The answer is as below:
Q: Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing…
A:
Q: When a business is started, or a patent idea needs funding, venture capitalists or investment…
A: A profitability forecast is a set of figures included in a business plan. The result of forecasting…
Q: Short term forecast can be used for the following operation.
A: Short term forecastUp to 1 year, usually less than 3 monthsPurchasing, job planning, staff levels,…
Q: pros and cons of doing that? Give three examples of unethical conduct involving forecasting and the…
A: Unethical behavior takes place in forecasting when an analyst specifies a particular data to create…
Q: Khyber Teaching Hospital is considering the purchase of a new ambulance. The decision will rest…
A: Given that: Year Mileage 1 4000 2 5000 3 4400 4 4800 5 4700
Q: Develop an appropriate forecast model for bookstoremanagement to use to forecast computer demand for…
A: Forecasting is an indispensable method of managing sales by evaluating the future demand for…
Q: When a new business is started, or a patent idea needs funding, venture capitalists or investment…
A: Business Forecasting is important for both startups as well as existing businesses. The new age…
Q: Why is accurate forecasting so important to companies thatuse a continuous replenishment inventory…
A: Continuous Replenishment is a method by which a supplier is told day by day of real deals or…
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: Sunrise is planning its purchases of ingredients for bread production. If bread demand had been…
A: Exponential smoothing could be a statistic statement technique for univariate information that may…
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: A police station had to deploy a police officer for an emergency multiple times in the last four…
A: Exponential smoothing is a univariate time series forecasting approach that may be expanded to…
Q: (a) Suppose the data in the table below represents total revenues (in $ millions) for one real…
A: Below is the solution:-
Q: Three popular measures of forecast accuracy are: average error, median error, and maximum error.…
A: The accuracy of the forecast can be determined by comparing the actual or real values with the…
Q: A police station had to deploy a police officer for an emergency multiple times in the last four…
A: The techniques used to forecast the value for smoothing the time series data with the help of the…
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 is the advantage of using double exponential smoothing over regression?
A: You can use both double exponential smoothing and regression to forecast a demand pattern with a…
Q: a. Compute a weighted average forecast using a weight of 0.4 for the most recent period, 0.3 for the…
A: A weighted moving average forecast is a forecast of future values based on past values. A weighted…
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: How does this forecast differ from that using employment as the independent variable? What is the…
A: Forecasting is a method of making well-informed forecasts regarding the direction of future trends…
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: Apply the following forecasting techniques of the data to estimate the demand in period 13: a.…
A: In the question, There are time-series data, actual demand data are given over the past 12 quarters.…
Q: Given the actual demand of 300, the previous forecast of 300, and an alpha of 0.048 , which one of…
A: The actual demand =300 The previous forecast = 300 Alpha = 0.048
Q: What are the advantages and disadvantages of aggregating deman from a forecasting view? Are there…
A: The upsides of accumulating request from an estimating view make it conceivable to have a general…
Q: Given an actual demand this period of 105, a forecast value for this period of 100, and an alpha of…
A: n exponential smoothing forecast, Next forecast = Previous forecast+α(Actual-Previous forecast)
Q: 5. Demand for patient surgery at Washington General Hospital has increased steadily in the past few…
A: Forecasting is the process of estimating the future demand and sales based on the previous month or…
Q: 1 The demand for automobiles at Crescent Auto Dealers for the past 8 weeks is as follows.…
A: Find the Given details below: Given details: Week Auto Demand Weights 1 9 0.1 2 11 0.3 3…
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- Under what conditions might a firm use multiple forecasting methods?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?
- 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?
- Explain what are the benefits of exponential smoothing over moving average forecasting ?Develop a quantitative forecast model for Jacob. Which modeling technique did you choose, and why? What are the assumptions behind your model?No single forecast methodology is appropriate under all conditions True or false?