Explain the term Forcasting
Q: a) Using exponential smoothing, with a = .6, then trend analysis, and finally linear regression,…
A: a)
Q: In your own opinion, which is a better planning tool: benchmarking or forecasting
A: Planning Tools are helpful in guiding organizational actions steps associated with the execution of…
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A: Double exponential smoothing is a forecasting model which identify the forecasting with the…
Q: Explain in between 400 and450 words the differences between forecasting and budgeting and also…
A: Below is the solution:-
Q: The solution of coping with natural differences between marketing and production functions is to do…
A: Option 1: - When natural differences occur in production and marketing it is necessary to have…
Q: The sales and profit of a clothing organization are represented in the table below. This given data…
A: 1. Following are three advantages of forecasting within an organization: A)You'll acquire…
Q: a) Is there a strong linear trend in sales over time? b) Fill in the table with what Bob and Sherry…
A: Using excel for performing regression with Sales as the dependent variable and period as independent…
Q: In the Stokely Company, marketing makes a sales forecast by developing a sales force composite.…
A: In the Stokely company, the sales and operations team are generating their own sales forecast by…
Q: ties: Simple moving average, Weighted moving average, Simple Exponential Smoothing,…
A: Demand forecasting refers to the technique used to anticipate future demand. In order to provide the…
Q: Forecasting, whether quantitative or qualitative in nature, is used every day in all business to…
A: Forecasting is an approach to expecting the tomorrow based on the outcomes of earlier data. It…
Q: Omar has heard from some of his customers that they will probably cut back on order sizes in the…
A: Ans 4: Business forecasts help every stakeholder of the organization have a sensation or perception…
Q: Choosing between the three period and the five period forecasts, which one would you use as a…
A: Given data:
Q: It is a common saying that the only thing certain about a forecast is that it will be wrong. What is…
A: Forecasting is the process of predicting future demand values based on historical data. The…
Q: Forecasts affect planning but not the other management functions.
A: This do not require any introduction
Q: After using your forecasting model for six months, you decide to test it using MAD and a tracking…
A: Here we use formulae: Formulas: Tracking Signal (TS) is presented by:TS = RSFEMAD RSFE = Running…
Q: If Mr. Ishaq is the Director of KIA Company in Nizwa, what does he need to do to predict customer…
A: Companies use market demand analysis to understand how much consumer demand exists for a product or…
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: Which of the following is a pitfall of using a customer’s forecasts? Customers forecast process not…
A: Customer forecast refers to the most ongoing rolling volume predictions or forecasts for the…
Q: In your own words and it should be in paragraph form. Also, don't forget to conclude. 1. Discuss…
A: Forecasting is an absolute necessity if an enterprise wants to have a competitive advantage. Itis…
Q: Planning purchasing, job scheduling, workforce levels, job assignments, and production levels are…
A: MANAGEMENT: Management is the process of planning, organizing, staffing, directing, and controlling,…
Q: If a forecast can be made using a quantitative model, a forecaster need not use her personal opinion…
A: This do not require any introduction
Q: Demand forecasting is the primary data for decision-making in any organization. a. What will happen…
A: Demand forecasting refers to a decision-making process that helps companies to predict future…
Q: When a new busines is startered, or a patent idea needs fundig, venture capitalst or investment…
A: Whenever a new business is initiated, funding forms the pre-requisite and approaching to the venture…
Q: expertise
A: The answer to this question is false
Q: 1. A forecaster must decide on the value of this factor before he can use the simple moving average…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Why is accurate forecasting so important to companies thatuse a continuous replenishment inventory…
A: Continuous Replenishment is a method by which a supplier is told day by day of real deals or…
Q: Two different forecasting models were used to forecastsales of a popular soda on a college campus.…
A: Solution - Introduction - [1] Forecasting Model - Forecasting models are one of the numerous methods…
Q: When a new business is started, or a patent idea needs funding, venture capitalists or investment…
A: With the inception of any new enterprise or business, there exists a requirement for the funding and…
Q: determines the length of the future time period for which a sales forecast must be prepared for…
A: Planning is a fundamental activity of management. Forecasting forms the basis of planning. Be it…
Q: A firm's short-term forecast helps top management in preparing a company budget. True or False True…
A: Short-term forecasts are mainly performed for tactical purposes that incorporate manufacturing,…
Q: Discuss the importance of Forecasting in Operations Management.
A: Forecasting is the process of making future choices based on certain factors such as past events or…
Q: Suppose you need to forecast the amount of relief aid needed following an earthquake. What type of…
A: Answer: Relief aid needed following an earthquake, belong to the category of disaster relied supply…
Q: Months Month 1 Month 2 Month 3 Month 4 Month 5 Sales 20 25 32 35 38 Please use the weight 0.45 for…
A: Given data:
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: 4.31 Emergency calls to the 911 system of Durham, North Carolina, for the past 24 weeks are shown in…
A: Given data is
Q: Serena just visited a restaurant for dinner. During the dinner time, she overheard two customers…
A: It's a case where employees have leaked the confidential information unknowingly in the public. It's…
Q: There is an ongoing debate about the roles of quantitative and qualitative inputs in demand…
A: ANSWER: Quantitative techniques depends up on historical data where as qualitative focuses up on…
Q: 1. Using MAD as the criterion, which of the following models would you use for the given time series…
A: The term "forecasting" describes the process of speculating on what will occur in the future based…
Q: My App is a small but growing start-up that sees demand for several of its apps increasing quickly.…
A: Month 7 Forecast is 538,210.51
Q: IST STATEMENT: Forecast that are too low mean the company has not allocated enough resources that…
A: “Hi and thanks for your questions as you have asked for multiple questions at a time we will be…
Q: ering the necessary information for financial forecasting for a startup company that doesn’t have…
A: Financial Forecasting is the process of preparing, assessing, or anticipating a business' future…
Q: What is the concept of seasonality? How do we forecast based on seasonal data?
A: Seasonality of time series data refers to the phenomenon of recurrent up and down periods in series…
Q: 40 ________ is a planning tool that relies on past data to predict the future demand: Select one:…
A: ANSWER: Forecasting is the planning tool that relies on past data to predict the future demand.
Q: What are the advantages and disadvantages of aggregating deman from a forecasting view? Are there…
A: The upsides of accumulating request from an estimating view make it conceivable to have a general…
Q: a) Using exponential smoothing, with a = .6, then trend analysis, and finally linear regression,…
A: given,
Q: True or False 1. Budgeting systems should be subjected to the cost-benefit approach.
A: Below mentioned are the various features of a budget: 1. Budget is prepared for the future course of…
Explain the term Forcasting. Why forcasting are
Forecasting means analysis of future about the operations of an enterprise. It involves looking ahead for future event. Forecasting means a process of providing the details supported by budget.
Forecasting means drawing a conclusion about production, sales, profit on the basis of research, study & survey.
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- 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_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_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 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_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_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?True or False 1. Budgeting systems should be subjected to the cost-benefit approach. 2.The most important cost of a modern budgeting system is forced management planning in general, the starting point in preparing a master budget should be to forecast production 3. volume, if the company has a relatively large manufacturing capacity and operates in? highly competitive industry. 4. A usually effective way of forecasting sales is to rely entirely on the predictions of the individual sales people and sales managers of the organization. 5. The operating budget includes the budgeted balance sheet and the sales budget. 6. The principal reason for using budgets is to avoid running out of cash or borrowing too much money. 7. Financing decisions related to budgeting involve acquisition and use of scarce resources. 8. The best way to establish budget figures is to use last year's actual cost and activity data as this year's budget estimates. 9. Budgeting is generally of little value to smaller…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
- If Mr. Ishaq is the Director of Lexus Company in Nizwa, what does he need to do to predict customer sales or product demand? a. Forecasting b. Marketing c. Production d. Coordination1. Business valuation is typically conducted when a company is looking to sell all ora portion of its operations or looking to merge with or acquire another company. (True / False) 2. Discounted dividends model is one of the Valuation methods. (True / False) 3. Liquidation Value - is the net cash that a business will pay if its assets were liquidated and liabilities were paid off today. 4. Financial forecasting is the process of estimating how a business performed in the past. (True / False)Discuss the role of forecasting for the following functions of the firm:a. Marketingb. Accountingc. Financed. Production