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How
A forecast is an estimation that is based on the previous data. A prediction is estimating the outcomes for unseen data.
So, we can say that All forecasts are predictions, but not all predictions are forecasts.
Step by step
Solved in 2 steps
- What action should be taken when unacceptable error is found in tracking a forecast?Name two coincident indicators used in forecastingA police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of emergencies each evening. Weekday Number of calls each day Monday Tuesday Wednesday 9. 12 Thursday 12 What would be their forecast for Friday using a naïve forecasting approach? Forecast for Friday calls KPrev 4 of 5 Next
- 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.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?"2. 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.
- 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 thanConsumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example?Based on annual data from 2000-2010, the Gadget Company estimates that sales are growing according to a linear trend: Q = 50,000 + 200t where t is time and t = 0 in 2000. a. Forecast sales for 2013. b. Do you see any problems with this forecasting method?
- Define Forecasts and forecast errors in time series anaylsis?Mr. Geppetto uses exponential smoothing to predict revenue in his wood carving business. He uses a weight of = .4 for the naïve forecast and (1-) = .6 for the past forecast. What revenue did he predict for March using the data below? MONTH REVENUE FORECAST Nov 100 100 Dec 90 100 Jan 115 ---- Feb 110 ---- MARCH ? ?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.