Which of the following most requires long-range forecasting (as opposed to short-range or medium-range forecasting) for its planning purposes? A. production levels B. purchasing C. capital expenditures D. job scheduling E. cash budgeting
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- 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_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_19.xlsx contains the weekly sales of a particular brand of paper towels at a supermarket for a one-year period. a. Using a span of 3, forecast the sales of this product for the next 10 weeks with the moving averages method. How well does this method with span 3 forecast the known observations in this series? b. Repeat part a with a span of 10. c. Which of these two spans appears to be more appropriate? Justify your choice.
- 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_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?Explain the term Forcasting. Why forcasting are Forecasting is one of the important functions of management. It is a part and parcel of planning function. Forecasting means prediction about future. 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.
- Which time-series model below assumes that demand in the next period will be equal to the most recent period's forecast? A. naive approach B. moving average approach OC. trend projection D. weighted moving average approach O E. exponential smoothing approach with α = 0Demand forecasting is a process of O a. Estimation of previous year demand based on current data b. Estimation of future demand based on past and present data O c. Prediction of past demand based on future data o d. Prediction of last year demand using past dataDiscuss the role of forecasting for the following functions of the firm:a. Marketingb. Accountingc. Financed. Production
- 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…1. 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)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