what is the advantage of using double exponential smoothing over regression?
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: involve
A: The answer to this question is true.
Q: snip
A: The Delphi method is more qualitative. The Delphi method was developed by the Rank corporation in…
Q: snip
A: Answer: It is important to measure the accuracy of forecasts, for any forecasting technique and…
Q: three-period moving average. A weighted average using weights of .50 (most recent), .20 and .30.…
A: forecasting is a method which helps to predict the unknown future based on the known past…
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: A retail store records customer demand during each sales period. The data has been collected in the…
A: This question is related to the Topic -Forecasting approach and this topic falls under the…
Q: Explain in detail about Collaborative Planning, Forecasting and Replenishment (CPFR)?
A: Collaborative planning ,forecasting and replenishment - It is a process which combines several…
Q: It has been said that forecasting using exponential smoothing is like driving a car by looking in…
A: As there are multiple questions posted, as per policy will answer the first question only. If you…
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: The demand data for Double T Computer Services appears below. The company wants you to forecast the…
A: THE ANSWER IS AS BELOW:
Q: When should time series forecasting techniques be used?
A: The statistical data and, as a consequence, the projected features are analyzed using statistical…
Q: Although a demand forecast is usually not accurate, managers must forecast demand. In this context…
A: The answer is as below:
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: A company wants to produce a weighted moving average forecast for April with the weights 0.40, 0.35,…
A: Forecasting is a method of predicting future trends, based on historical data.
Q: In order to increase the responsiveness (volatility) of following forecast models, what can you do?…
A: In order to increase the responsiveness of the forecast model using exponential smoothing, we need…
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: The following table shows the actual demand observed over the last 11 years: Year 1 2 4 7 8 10 11…
A: Given - Table for demand seen in past years- Year Actual Demand 1 6 2 9 3 4 4 9 5 13…
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: What advantages as a forecasting tool does exponential smoothing have over moving averages?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: Apply different forecasting techniques to find out the demand of umbrellas in the city of Ahmadabad…
A: Forecasting is the process of projecting past sales demand into the future. It involves the…
Q: Explain what are the benefits of exponential smoothing over moving average forecasting
A: The table below gives a prediction of the advantages of moving average over exponential smoothing.
Q: Do you think that hard rock cafe makes use of time horizons when forecasting explain with 3 points.
A: The three types of forecasting time horizons are, 1. Long range forecasting: A long range…
Q: orecast demand for each week, including week 10, using exponential smoothing with a 5 .5 (initial…
A: Exponential smoothing is forecasting method which identifying the farecasting value based on the…
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: How can the Forecast technique be improved?
A: Forecasting is a tool or technique which is used to predict future demand, risk and to analyze the…
Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?
A: As a forecasting function, exponential smoothing has the following benefits over running averages:…
Q: Predict the forecast for week 35 using an exponential smoothing with a smoothing constant of 0.20.
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: No singal forecast methodology is appropriate under all conditions: True or false?
A: Forecasting is a method that utilizes authentic information as contributions to make educated…
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: When a product is new and there is no historical data, the most promising method to forecast this…
A: For forecasting a new product with no historical data, Analogy is the most promising method.
Q: Forecast is calculating estimates of future cycle/s based on data of past cycles, there is no…
A: Forecasting is the way toward making expectations dependent on over a significant time span…
Q: What three methods are used to determine the accuracy of any given forecasting method? How would you…
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: Explain how do exponential smoothing have benefits over shifting averages as forecasting tool
A: The merits of autoregressive moving as a prediction approach are considerable in comparison to…
Q: Management of Davis’s Department Store has used time-series extrapolation to forecast retail sales…
A: Note: - Since the exact question that has to be answered is not specified, we will answer only the…
Q: The manager of a popular tourist resort wants to use the manual trend projection forecasting…
A: The equation for exponential smoothing is- Ft = F t-1 + α(A t-1 – Ft-1) Ft = the exponentially…
Q: Define and explain the forecasting technique which places more emphasis on recent values and explain…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: The Excel file (Forecasting Assignment Data) contains quarterly motorcycle shipments for…
A: Find the Given details below: Given details: Year Quarter Period DemandAt 2000 1 1 49057…
Q: Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α…
A: Given: Year Sales volume 2012 40 2013 48 2014 44 2015 46 2016 57 2017 41 2018 52…
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: 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: 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: regression analysis to forecast the point at which Swanson needs to “build out” the top two floors…
A: Regression is a tool wherever you want to fit a linear trend line and get an equation with minimum…
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: State examples of industries affected by seasonality and reasons to eliminate seasonality in their…
A: To be determined: examples of industries affected by seasonality and reasons to eliminate…
Q: Using the double exponential smoothing forecast, is it possible to forecast a demand thatis bigger…
A: Forecasting is a prediction method that can use historical data and current market trends and…
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…
in order to
Step by step
Solved in 2 steps
- 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 owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?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 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?
- A small computer chip manufacturer wants to forecast monthly ozperating costs as a function of the number of units produced during a month. The company has collected the 16 months of data in the file P13_34.xlsx. a. Determine an equation that can be used to predict monthly production costs from units produced. Are there any outliers? b. How could the regression line obtained in part a be used to determine whether the company was efficient or inefficient during any particular month?The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?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?
- Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semifragile, and durable. Costs for 15 randomly chosen packages of approximately the same weight and same distance shipped, but of different cargo types, are provided in the file P13_16.xlsx. a. Estimate a regression equation using the given sample data, and interpret the estimated regression coefficients. b. According to the estimated regression equation, which cargo type is the most costly to ship? Which cargo type is the least costly to ship? c. How well does the estimated equation fit the given sample data? How might the fit be improved? d. Given the estimated regression equation, predict the cost of shipping a package with semifragile cargo.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 management of a technology company is trying to determine the variable that best explains the variation of employee salaries using a sample of 52 full-time employees; see the file P13_08.xlsx. Estimate simple linear regression equations to identify which of the following has the strongest linear relationship with annual salary: the employees gender, age, number of years of relevant work experience prior to employment at the company, number of years of employment at the company, or number of years of post secondary education. Provide support for your conclusion.