Using the historical data above, use a quantative method of forecasting to forecast sales for week 8
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Week |
Sales $ |
1 |
75,000 |
2 |
70,000 |
3 |
72,000 |
4 |
70,000 |
5 |
74,000 |
6 |
68,000 |
7 |
75,000 |
8 |
|
Using the historical data above, use a quantative method of
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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.Tools View Week 3 Bonus Activity- DEMAND FORECASTING CASE STUDY After reviewing the forecasting demonstration and looking over the slides, complete the following case activity and transfer your answers to the appropriate questions in the Canvas activity quiz. You have been hired as a demand planning intern for Hawaiian Island Creations (HIC). They want you to de- velop a forecast for their HIC Papanui style of sun- glasses. The goal is to determine how many pair they will produce to meet retailer demand in July 2021. During your first meeting, you were handed some data to work with and the product team talked about the company's upcoming promotional blitz to support Summer Break '21 in major vacation destinations. Month Forecast Demand January 2021 4.000 3,300 February 2021 4,200 3,900 March 2021 4,500 4,300 April 2021 4.800 4,200 May 2021 5 000 5.400 of 4 P Type here to search 立
- Explain the difference between qualitative and quantitative approaches to forecasting. Describe three (3) qualitative methods used in forecasting. Given the following data of demand for shopping carts at a leading supermarket. Prepare a forecast for period 6 using each of the following approaches: Period 1 2 3 4 5 Demand 60 65 55 58 64 A three-period moving average. A weighted average using weights of .50 (most recent), .20 and .30. Exponential smoothing with a smoothing constant of .40. The manager of a large cement production factory in Road Town, Tortola has to choose between two alternative forecasting techniques. His production staff used both techniques in order to prepare forecasts for a six-month period (See table below). Using MAD as a criterion, which technique has the better performance record? FORECAST MONTH DEMAND TECHNIQUE 1 TECHNIQUE 2 1 492 488 495 2 470 484 482 3 485…The table below shows the demand for a particular brand of microwave oven in a department store. Month 1 Demand27 31 29 36 35 42 a) Calculate a two-month weighted moving average for all possible months with weight assigned to oldest in order 04, 0.6. b) Apply exponential smoothing with a smoothing constant of 0.7 to derive a forecast for all possible months. c) Which of the two methods would you use to forecast and why?Define and explain the forecasting technique which places more emphasis on recent values and explain how it is done ?
- Explain what ex-post and ex-ante forecasts are, and how one can evaluate the accuracy of forecast of a model to be used for short term trading purposes.Explain what benefits as a forecasting tool does exponential smoothing have over moving averages?Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.
- Discuss Qualitative forecasting technique. Explain the situations where we use Qualitative methods. Discuss Delphi forecasting method and its challenge.Calculate the forecast for Week 16 using - a 2-period moving average - a 3-period moving average Compute MSE for the two models and compare the results and which model provides the best forecast?Period 1 2 3 4 5 New Accounts Period 201 215 212 229 236 6 7 8 9 10 New Accounts Period 233 249 253 254 268 11 12 13 14 15 New Accounts 282 276 281 289 311