You know that sales are greatly inl uenced by the amount your i rm advertises in the local paper. What forecasting technique would you suggest trying?
Q: Discuss when to use a time series forecasting techniques ?
A: Historical data, and hence projected variables, are subjected to statistical analysis. The…
Q: The table below shows the demand for a particular brand of microwave oven in a department store.…
A: Given-
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: 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: b. Use the least-squares regression method to derive a forecasting equation. c. What is your…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Explain why it's important to keep track of forecasting errors.
A: For a time series or other phenomenon of interest, forecast error is the difference between the…
Q: a. Predict the sales for Jasmine Slush using the following forecasting methods: - naïve (use simple…
A: Forecasting is to predict the uncertain future of demand and sales. There are various methods to do…
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: 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: Table 3 Percent change in income Percent Change in appliance sold Quarter Percent change in income…
A: (a) Here, the relationship between two variables needs to be identified, so a linear regression…
Q: What are the basic assumptions made when using time series forecasting techniques as opposed to…
A: Stationarity: The first assumption is that the series of data points are stationary. The series is…
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: Explain why forecasts are generally wrong.
A: Forecasting is used to predict future changes or demand patterns.
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: omplete the data on the table by considering the forecasting method indicated in each column. Show…
A: Forecasting means predicting in advance what would be the estimated sales of future periods by…
Q: Explain what are the use of a time series forecasting and discuss what assumption are made ?
A: Globalization is the process of bringing together individuals, businesses, and governments on a…
Q: Given the following historical data, what is the moving-average forecast for period 6 based on the…
A: Calculation of moving average forecast for period 6 based on the last three periods:The formula for…
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: You discovered that the forecasting error falls beyond the acceptable ranges in the past three…
A: Find the given details below: Given details: Period Actual Forecast (A-F) Error (A) (F)…
Q: If the Tracking Signal for your forecast was consistently positive, what could you then say this…
A: If the tracking signal of the forecast is always positive, then it is bias and consistently too low.…
Q: Describe the exponential smoothing forecast?
A: In exponential smoothing forecasting, all the values of past demand are taken into consideration by…
Q: Discuss when is time series forecasting used?
A: Forecasting is a strategy for forecasting future events using historical data and knowledge.
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: Given the actual demand for years 2013/14, calculate the total forecast for year 2015, as well as…
A: Below is the solution:-
Q: hovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last 12…
A: a) b)
Q: Explain the value of seasonal indices in forecasting. How areseasonal patterns different from…
A: Forecasting can be defined as the way or a process of making predictions based on past events or…
Q: Given the following historical data, what is the moving-average forecast for period 6 based on the…
A: Determine the moving-average forecast for Period 6 based on the last three period:
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 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: b. Given the forecast demand and actual demand for a fishing boat, compute the tracking signal and…
A:
Q: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
Q: The monthly demand for units manufactured by the Acme Rocket Company has been as follows: a. Use the…
A: Given data is The initial forecast for May = 105 units Alpha(here a) = 0.2
Q: snip
A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: Explain 4 methods of time series in demand forecasting
A: Demand forecasting is an estimate made by the managers in order to know the customer demand…
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: Describe when to use of a time series forecasting techniques and what assumption are made?
A: Statistical approaches are used to forecast variables by analysing historical data. Forecasts are…
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: 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: 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: A manager uses this equation to predict demand for landscaping services: Ft= 10 + 5t. Over the past…
A:
Q: What is seasonality?How do we forecast using data that has seasonality?
A: Seasonality in time series data is the occurrence of repetitive up and down cycles in series values…
Q: Which forecasting technique can place the most emphasis on recent values? How does it do this?
A: The forecasting technique that can place the most emphasis on recent values is exponential smoothing…
Q: Discuss the basic assumptions made when using time series forecasting techniques as apposed to…
A: Time series forecasting fundamental assumptions:
Q: State and explain the value of seasonala indices in forecasting and how are seasonal patterns…
A: To be determined: State and explain the value of seasonal indices in forecasting and how are…
Q: In the text, the example of Walmart's collaboration with Sara Lee during hurricane season enables…
A: Demand forecasting is the method involved with utilizing prescient investigation of verifiable…
Q: Give a proper explanation of what is meant by the adaptive forecasting
A: To be determined: a proper explanation of what is meant by the adaptive forecasting
Q: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
You know that sales are greatly inl uenced by the amount your i rm advertises in the local paper. What forecasting technique would you suggest trying? |
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- Under what conditions might a firm use multiple forecasting methods?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.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_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?Explain what are the use of a time series forecasting and discuss what assumption are made ?Explain when is time series forecasting used ?
- Explain when to use a time series forecasting techniques ?Explain the difference between qualitative and quantitative approaches to forecasting. Describe three (3) qualitative methods used in forecasting. Given the following data of demand for shopping carts at a leading supermarket. Prepare a forecast for period 6 using each of the following approaches: Period 1 2 3 4 5 Demand 60 65 55 58 64 A three-period moving average. A weighted average using weights of .50 (most recent), .20 and .30. Exponential smoothing with a smoothing constant of .40. The manager of a large cement production factory in Road Town, Tortola has to choose between two alternative forecasting techniques. His production staff used both techniques in order to prepare forecasts for a six-month period (See table below). Using MAD as a criterion, which technique has the better performance record? FORECAST MONTH DEMAND TECHNIQUE 1 TECHNIQUE 2 1 492 488 495 2 470 484 482 3 485…Explain the value of seasonal indices in forecasting. How areseasonal patterns different from cyclical patterns?
- Your manager is trying to determine what forecasting method to use. Based on the following historical data, calculate the following forecasts and specify what procedure you would utilize. Month Actual Demand 1 64 2 67 3 69 4 65 5 71 6 73 7 76 8 77 9 77 10 82 11 83 12 85 Calculate the simple three-month moving average forecast for periods 4–12.(Round your answers to 3 decimal places.) Month Actual Demand 4 66.667 5 67.000 6 68.333 7 69.666 8 73.333 9 75.333 10 76.666 11 78.666 12 80.666 Calculate the weighted three-month moving average for periods 4–12 using weights of 0.30 (for the period t−1); 0.20 (for the period t−2), and 0.50 (for the period t−3). (Do not round intermediate calculations. Round your answers to 1 decimal place.) Month Actual Demand 4 66.7 5 67.0 6 68.3 7 69.7 8 73.3 9 75.3…Using linear regression analysis, what would you estimate demand to be for each month next year? Month Forecast January February March April May June July August September October November DecemberGiven the following historical data, what is the moving-average forecast for period 6 based on the last three periods? Last Value Forecast? Period Value 1 73 2 68 3 65 4 72 5 67