Describe in detail what is a time series forecasting model ?
Q: Explain the associative forecasting model
A: For forecasting, associative forecasting models make use of multiple variables and characteristics…
Q: List the seven steps in the forecasting system?
A: Identify the problem: It is the step where the given problem is analyzed along with all the members…
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: Identify the three forecasting time horizons. State anapproximate duration for each.
A: With the help of forecasting we can predict what will be happing in the future. It can be done by…
Q: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
Q: Describe and evaluate the method of forecasting based on a time series analysis when a trend is…
A: Forecasting is the practice of estimating the size of unknown future events and generating different…
Q: Explain what are the use of a time series forecasting and discuss what assumption are made ?
A: Globalization is the process of bringing together individuals, businesses, and governments on a…
Q: If the tracking signal for your forecast was consistently positive, you could then say this about…
A: Tracking signal, as the name suggests, is a way to evaluate the forecast in comparison to actual…
Q: What is a time series and the rationale for forecasting based on a time series analysis?
A: Forecasting refers to the prediction of the future based on some evidence or a strong base.…
Q: Explain when to use a time series forecasting techniques
A: The statistical techniques are applied to past records and hence to the projected variables.…
Q: State and describe the steps involved in developing a forecasting system
A: To be determined: the steps involved in developing a forecasting system
Q: List the various type of analytical tools and methods used in forecasting?
A: Numerous statistical approaches are used to examine the data, which enables the data to be…
Q: Discuss when is time series forecasting used?
A: Forecasting is a strategy for forecasting future events using historical data and knowledge.
Q: Briefly describe the steps that are used to develop a forecasting system.
A: Forecasting is the primary function for predicting the future using the available data to make the…
Q: How do we measure accuracy of a forecasting model?
A: Step1:Forecasting models are tried and tested frameworks of historical data which helps in…
Q: Identify and briefly explain the two primary approaches to forecasting.
A: Forecasting is a method that uses historical data as inputs to generate predictions that can be used…
Q: What is a time-series forecasting model?
A: Forecasting is an important instrument to predict the future. Every organization needsforecasting to…
Q: Explain the steps involved in the forecasting process
A: In these modern days, predicting our market share in the global market is little tricky and to how…
Q: Explain four qualitative forecasting techniques ?
A: Planning refers to the process of assessing demand for the goal of future supply chain and…
Q: Explain the methods that are used to develop the forecasting methodology
A: Forecasting is a continuous activity that the business employs in both the short term and long term.…
Q: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
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: Describe when to use of a time series forecasting techniques and what assumption are made?
A: Statistical approaches are used to forecast variables by analysing historical data. Forecasts are…
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: Describe the word least-square forecasting?
A: Forecasting is a technique for making educated forecasts based on historical evidence. It is used to…
Q: Discuss the methods that are used to develop the forecasting methodology?
A: Forecasting is a continuous process that the business engages in both in the short and long term. It…
Q: What is 'forecasting error'? What are the metrics used in measuring forecasting errors?
A: Forecasting Error A prediction error is the difference between the actual or real value of a time…
Q: List the analytical tools and methods used in forecasting?
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
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: What is seasonality?How do we forecast using data that has seasonality?
A: Seasonality in time series data is the occurrence of repetitive up and down cycles in series values…
Q: Explain the analytical tools and methods used in forecasting ?
A: Many statistical techniques are used to examine the data, which helps to summarize data first from…
Q: Write from your understanding the meaning of forecasting, forecasting time horizons, Seven Steps in…
A: Forecasting is a procedure that utilizations verifiable information as contributions to make…
Q: Discuss the basic assumptions made when using time series forecasting techniques as apposed to…
A: Time series forecasting fundamental assumptions:
Q: Explain when is time series forecasting used ?
A: Forecasting is the process of predicting future events based on previous data and information.
Q: what is the main difference between casual methods and time series methods used in forecasting?…
A: This question is related to the topic of the forecasting approach and this topic falls under the…
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: Describe the methods that are used to develop the forecasting methodology?
A: Forecasting is a continuous process that the organisation engages in on both a short and long term…
Q: Define what is Qualitative method of forecasting
A: Qualitative forecasting refers to the estimation methodology that uses professional judgment instead…
Q: Describe the key factors and trade-offs to consider when choosing a forecasting technique.
A: The main factors are cost and accuracy..
Q: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
Describe in detail what is a time series
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- 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.What forecasting techniques are used in the management of technology and innovation?
- 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?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_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?