Type the correct answer In the box. Spell all words correctly. Peter is assisting with a report that will forecast sales for the next year. He has been asked to collate sales data for the previoL different seasons. He understands that will help account for seasonal trends. What kind of sales forecast report is Peter workli Peter is working on a report to forecast sales.
Q: Consider then, the nature and characteristics of forecasting. What do you think the difficulties or…
A: Forecasting is a method where historical data is used an input to make output in the form of data…
Q: Refer to Problem 4.2. Develop a forecast for years 2 through 12 using exponential smoothing with a =…
A: Given data is Alpha = 0.4 Forecast for year 1 = 6
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: A. Forecast sales in August using the 3-month moving average method. B. Forecast sales for the month…
A: Forecasting is the process of estimating the funture demand using the previous or historic data and…
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: In your own words and it should be in paragraph form. Also, don't forget to conclude. 1. Identify…
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
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: Explain what is seasonality and how forecast is done using data that has seasonality
A: In time series analysis, seasonalities are regarded as repeated up / down cyclic patterns in serial…
Q: What is the difference between VaR method and business forecasting? Answer briefly and concisely.
A: Forecasting is the process of predicting future happenings based on past experiences or data.
Q: Who needs to be involved in preparing forecasts?
A: The manager ultimately has the key responsibility to prepare the forecast. An organization should…
Q: Jsing trend-adjusted exponential smoothing, Forecasts (F,), Trend (T,), and Forecasts Including…
A: Given: α=0.20β=0.41(F1)=9 unitsT1=2 units Months Actual Demand (At) Forecast (Ft) Trend (Tt)…
Q: Explain the trade-off between responsiveness and stability in a forecasting system that uses…
A: Time Series Data: statistic knowledge is outlined as during an amount of your time,…
Q: What category of forecasting techniques uses managerial judgment in lieu of numerical data?
A: Qualitative forecasting.
Q: What does the word "biassed" mean when applied to a specific forecasting technique?
A: Forecasting is a common and widely used methodology in almost every area of endeavor, including…
Q: What is the value of your forecast? PX If instead the weights were 20, 15, 15, and 10, respectively,…
A: ANSWERS ARE GIVEN BELOW:
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: Identify the major differences between qualitative and quantitative forecasting.
A: Forecasting can be defined as the technique which predicts the future information based on…
Q: 20- Forecasting is very important in predicting the future sales of a company. Can you identify the…
A: Below is the solution;-
Q: We have a new chief sales officer who is proposing that we should forecast in dollars, not in…
A: Salespeople are inexperienced with estimate exactness measures. They have no real excuse to be on…
Q: Which of the following concepts explain why we tend to make errors in affective forecasting?
A: Affective forecasting refers to the prediction of future events on the basis of a current emotion.
Q: Consider the data below which includes sales data and the forecasts that would have been made using…
A: Given data is
Q: What type of forecasting method would you recommend to a start-up retailer in terms of quantities,…
A: Demand forecasting is very important for any startup when you have an absence of resources and…
Q: d. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your…
A: MAPE: MAPE stands for the mean absolute percentage error. It is one of the methods used to measure…
Q: can I ask some help about our assignment where we are tasked to find a case study in a manufacturing…
A: Trend Forecasting is the process to know the future buying habits of consumers by researching and…
Q: How are you going to make your forecast more effective? Give a concrete example.
A: Forecasting is a decision-making tool used by many businesses to help in budgeting, planning, and…
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: What should be our forecast accuracy target if there is a high degree of volatility in customer…
A: Thank you for you question. As per our guidelines, We will be answering the first question for you…
Q: a. They generally work best when combined with a quantitative approach
A: Qualitative research comes from open-ended questions. It collects data in a different way. Instead…
Q: All forecasts are subject to error. Do you think topmanagers would be concerned about the effectson…
A: Forecasting is described as a tool that will allow the businesses in the budgeting process and also…
Q: Forecasting plays an important role in the operations of modern management. In fact, operational…
A: Answer: Reference: Wikipedia, Operations Management book, Pearson Publication, 12e Kimberly-Clark…
Q: forecasting
A: Benchmarking and forecasting both are operation management tools which helps the management schedule…
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 is an important guard against guess work in decision making. In light of this statement…
A: Every firm engages in a annual planning process for production where the marketing function provides…
Q: sing data in columns A-C create a forecast using the Simple Moving Average method based on 10 weeks…
A: Forecasting means predicting in advance the values of future sales/demand by using different methods…
Q: b) Use exponential smoothing with a smoothing constant of 0.30 to forecast the sales. Assume that…
A: The Exponentially Weighted Moving Average (EWMA) is a quantitative or factual measure used to…
Q: How much does the forecasting process at Deckers correspond with the “typical forecasting process”…
A: Forecasting is the tool which uses the historical data as the inputs to make the informed estimates…
Q: guide with reasons for the company to use appropriate forecasting models.
A: Organizations use the forecasting technique to help them develop corporate plans and strategies. In…
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: 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: 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: 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: Explain how the technology of forecasting can be improved
A: Forecasting is a long-term and short-term activity that the company engages in on a regular basis.…
Q: a) Forecasted sales for year 6 using a 3-year moving average is sales (round your response to one…
A: THE ANSWER IS AS BELOW:
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- 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 file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?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_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_27.xlsx contains yearly data on the proportion of Americans under the age of 18 living below the poverty level. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Create a chart of the series with the forecasts superimposed from this optimal smoothing constant. Does it make much of an improvement over the model in part b? d. Write a short report to summarize your results. Considering the chart in part c, would you say the forecasts are good?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?
- The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_25.xlsx contains the quarterly numbers of applications for home mortgage loans at a branch office of Northern Central Bank. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b? Is it guaranteed to produce better forecasts for the future?As a small business owner, Emil understands the importance of sales forecasting to entrepreneurial success. Which of the following is correct regarding a sales forecast? Organizations rely on correlation analyses as their exclusive sales forecasting method. It is an estimate of the amount of a product that an organization expects to sell during a certain period of time. The accuracy of a sales forecast is not important. It is based on an unspecified level of marketing effort. 4
- A reputable FMCG company is holding its Annual Sales Conference on January 30th 2021 for its New Year sales plan. The company is interested in launching new product beside its existing product lines. The new product will be novel in the history of the company. 1. Discuss the techniques of forecasting that will be used by the company for its existing and new products.2. Explain specific type and reason for using those techniques. Also identify the limitations of these techniques. Answer should be explaining about new product of FMCG company in details (do not expalin genral it should be specific)A reputable FMCG company is holding its Annual Sales Conference on January 30th 2021 for its New Year sales plan. The company is interested in launching new product beside its existing product lines. The new product will be novel in the history of the company. 1. Discuss the techniques of forecasting that will be used by the company for its existing and new products.2. Explain specific type and reason for using those techniques. Also identify the limitations of these techniques.Which one of the forecasting methods is capable of handling large amounts of data and uncovering complex relationships? O a. Qualitative forecasting O b. Weather forecasting O c. Quantitative forecasting O d. Sales forecasting