Which of the following approaches can help you mitigate the challenges of poor forecasts? a. Obtain and use the best, most recent information available b. Always use simple forecasting techniques c. Build flexible operations Od. Minimize inventory e. All of the above Of.a and c'only Og.band d only
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- 4. Relate cycles, seasonality and trends in time series forecasting. What is their relevance in such type of forecasting? 5. Illustrate one example/scenario when judgmental forecast is utilized.forecasts? 7. Contrast the use of MAD and MSE in evaluating forecasts. 8. What advantages as a forecasting tool does exponential smoc2. Montyboy Pet Shop ships boxed can dogfood anywhere in the country. Using the following information, forecast the shipments for the first four months. Seasonal Relative Month January February March 1.2 1.3 1.3 1.1 0.8 0.7 The monthly forecast equation being used is: Yt = 402 + 3t April May June Where: to = January last year Yt = number of shipments Month July August September October November December Seasonal Relative 0.8 0.6 0.7 1.0 1.1 1.4 Question: Determine the trend amounts for the first four months of the next year assuming January, t=24; February, t=25; etc. Note: Round answers to whole numbers.
- 1. How is the judgmental forecasting executed? 2. How is judgmental forecasting relevant in making decisions? 3. Differentiate Weighted Moving Average Forecast from Smoothing Forecast? 4. Relate cycles, seasonality and trends in time series forecasting. What is their relevance in such type of forecasting? 5. Illustrate one example/scenario when judgmental forecast is utilized.A company that produces video equipment, including videocameras and televisions, is attempting to forecast what newproducts and product innovations might be technologicallyfeasible and that customers might demand 10 years into thefuture. Speculate on what type of qualitative methods itmight use to develop this type of forecast.Homework i ed ok ences Aft کے 2 The forecasted demand for Week 20 is places.) b. Use the above trend equation to predict expected loadings for Weeks 20 & 21. (Round your final answers to 2 decimal A- W It should reach 870 loadings in Week # 3 decimal places.) c. The manager intends to install new equipment when the volume exceeds 870 loadings per week. Assuming the current trend continues, in which week (at the earliest) should the loading volume reach that level? (Use the rounded answers, as required, from any previous part of this problem. Do not round any other intermediate calculations. Round your final answer to 2 €1 + E C Q Search $ 4 R V C % 5 G M F9 JK 9 " F10 Alt F11 ✩ P น Ctrl 8 Help Save & Exit Submit F12 C PrtSc + 11 Insert Home 1 3/23/2023 Delete Backspace PgUp Er
- Explain the relationship that economic variables can have with businesscycles. These have both direction and timing. Give an example economicvariable of each combination of direction timing. Of these two attributes, ifyou had exclusive access to a reliable variable, which relationships wouldyou want this variable to have for forecasting purposesHow Forecasts is compared with predicted values? why these both terms are different?Actual sales of TV's for the first six month in 2021 were as follows:January 60 February 80 March 42April 68 May 44 June 72 Use this information and determine in whole numbers: 1 The average actual monthly sales for that period 2 Trends: Reduce this average by 6% per month for the next three months 3 Simple Moving Average (SMA): make a forecast for July using a three months simple movingaverage. 4 Weighted Moving Average (WMA): make forecast for July, using a three months weightedmoving average where the weights are 0.5; 0.3 and 0.2 respectively.
- Consider the following actual and forecast demandlevels for Big Mac hamburgers at a local McDonald’s restaurant:DAY ACTUAL DEMAND FORECAST DEMANDMonday 88 88Tuesday 72 88Wednesday 68 84Thursday 48 80FridayThe forecast for Monday was derived by observing Monday’sdemand level and setting Monday’s forecast level equal to this demand level. Subsequent forecasts were derived by using expo-nential smoothing with a smoothing constant of 0.25. Using this exponential smoothing method, what is the forecast for Big Macdemand for Friday?Director Very Busy needs to allocate time this week for office appointments, so he needs to forecast the number of employees who will seek appointments. The director has gathered the following time series data recently Period Employee Appointments 4 weeks ago 95 3 weeks ago 80 2 week ago 65 last week 50 a. What would naive forecasting suggest as the number of employee appointments that can be expected this week? " b. b. What is this week's forecast for employee appointments using a 3-week moving average? What would the same forecast be using a 2-week moving average?"Short-range forecasts tend to ________ longer-range forecasts. A. deal with more comprehensive issues than B. use Delphi method approaches more often than C. None of these answers are correct D. employ the same methodologies as E. be less accurate than