Explain and give an example of a weighted average in forecasting
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: Explain how do we measure accuracy of a forecasting model
A: We utilize the following criteria to determine a prediction model's efficiency:
Q: What are the different Forecasting Approaches? Explain each in detail
A: A Small Introduction about Forecasting Forecasting is done to figure out what kind of demand could…
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: 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: 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: 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: 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: 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: 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: What type of forecast model would be most appropriate for a company that was introducing a new…
A: Forecast model:A forecast model is a mathematical model used to forecast future demand for a…
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: 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: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
Q: Why is forecasting necessary in OSCM?
A: Forecasting is the method of making future forecasts based on historical and current evidence. It's…
Q: Discuss when is time series forecasting used?
A: Forecasting is a strategy for forecasting future events using historical data and knowledge.
Q: Explain the forecasting term with the help of least squares ?
A: Least Squares Method The least squares technique is a type of mathematical regression analysis that…
Q: What forecasting methods should the company consider? Please justify.
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: What is meant by the term tracking the forecast? In which two ways can forecasts go wrong?
A: Tracking the forecast means comparing the actual demand with the forecasted demand. It is used to…
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: Explain the relationship between forecasting and quality management?
A: Total quality management (TQM) is a continual process of identifying and avoiding or eliminating…
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: 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: 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 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: 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: Can you tell the difference between "correct" and "true" when it comes to forecasting?
A: Forecasting is important in supply chain management because the production and inventory process of…
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: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
Q: Which type of forecasting approach, qualitative or quantitative, is better?
A: Qualitative approach: It is the method used to forecast decisions on the basis of intuition,…
Q: Discuss the techniques of forecasting and its types. Also explain the limitations of each technique?
A: Forecasting - The process which is related with making the predictions for the future and the basis…
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: From the choice of simple moving average, weighted moving average, exponential smoothing, and linear…
A: Forecasting is the process of making assumptions of future events based on past and present…
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…
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Q: Using a numerical example, demonstrate to Mr. John how he can use the manual trend projection method…
A: The trend projection method is a classical forecasting method, concerned with variable movement…
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: 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: State and describe the forecasting technique which places more emphasis on recent values and explain…
A: To be determined: the forecasting technique which places more emphasis on recent values and explains…
Q: Discuss what is seasonality and how forecast is done using data that has seasonality?
A: Time series analysis describes seasonal patterns as recurrent upward and downward cyclic patterns in…
Explain and give an example of a weighted average in
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- Under what conditions might a firm use multiple forecasting methods?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 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 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. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
- Write from your understanding the meaning of forecasting, forecasting time horizons, Seven Steps in Forecasting and Delphi Method.Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.