Define the term Exponential smoothing?
Q: A manufacturing firm has developed a skills test, the scores from which can be used to predict…
A:
Q: Distinguish between a moving average model and an exponential smoothing model.
A: Forecasting is the process of estimating the future demand or sales using the previous and historic…
Q: he formula of exponential smoothing method of forecastin
A: Exponential smoothing is a time series forecasting method for univariate data. Exponential smoothing…
Q: Explain how is the exponential smoothing approach easy to use ? How
A: The forecast is a statistical technique that uses historical data to determine, anticipate, and…
Q: How will an exponential smoothing model be reacted to?
A: Exponential Smoothing is a weighted averaging process that uses the previous forecast plus a…
Q: Using a 3 period moving average, what is the forecast for day 8?
A: 3 period moving average is a forecasting model which helps to identify the forecast as the average…
Q: What factors enter into the choice of a value for the smoothing constant in exponential smoothing?
A: Exponential smoothing is an averaging technique which is a type of weighted moving average that…
Q: What effect does the value of the smoothing constant have on the weight given to the recent values?
A: Exponential smoothing is a forecasting tool used to foresee univariate data. It forecasts is similar…
Q: State the various uses of forecasting in points wise answer
A: The pattern is regarded as the predictive method to decide on the company.
Q: A retail store records customer demand during each sales period. The data has been collected in the…
A: This question is related to the Topic -Forecasting approach and this topic falls under the…
Q: How is the moving average approach equivalent to exponential smoothing?
A: Forecasting is described as predicting future values based on past values, particularly in Time…
Q: The Oceanside Hotel is adjacent to City Coliseum, a 24,000-seat arena that is home to the city’s…
A: Given data is
Q: Discusshow is moving average approach related to exponential smoothing?
A: Forecasting is the act of estimating future values based on historical data, most notably in the…
Q: Which are the six major reasons to accept Exponential smoothing techniques?
A: The six major reasons to accept Exponential smoothing techniques are:
Q: a. Use POM for Windows' least squares-linear regression module to develop a relationship to forecast…
A: The algebraic formulation of the regression lines is the Regression Equation. It's used to forecast…
Q: e least-squares regression method, the trend equation for forecasting is
A: Least square regression equation helps to identify the value of depending variable based on the…
Q: Use exponential smoothing with smoothing parameter a = 0.3 to co 13). Use exponential smoothing with…
A: Exponential smoothing is a forecasting method which considering the actual demand and forecasting…
Q: What is the fundamental difference between exponential smoothing and a weighted moving average?
A: Forecasting is a method of predicting future events by evaluating data sets quantitatively and…
Q: How to use the simple exponential smoothing method
A: Exponential smoothing is a period series estimating technique for univariate information that can be…
Q: Explain how is moving average approach related to exponential smoothing?
A: A time series is a sequence of observations which may be ordered in time. Inherent withinside the…
Q: What is the basic difference between a weighted moving average and exponential smoothing?
A: A Weighted moving average is a quantitative prediction technique tool used to foresee the price or…
Q: How is moving average approach related to exponential smoothing?
A: Forecasting is described as the process of anticipating future values based on historical data, most…
Q: Calculate the forecast for week 16 using - a 2-period moving avergage - a 3-period moving average
A: Forecasting means predicting in advance the future sales.
Q: Define Exponential Smoothing?
A: Exponential smoothing forecast is a forecasting approach that calculates the weighted averages of…
Q: exponential smoothing with a smoothing constant equal to .20, assuming a March forecast of 19(00).
A: To find Exponential smoothing with a smoothing constant equal to .20, assuming a March forecast of…
Q: What is the Smoothing constant?
A: It may be distinct as a variable which is used in the perceptions such as time series analysis &…
Q: Explain the Simple Linear Regression?
A: Forecasting is used to predict future changes or demand patterns. It involves different approaches…
Q: Predict the forecast for week 35 using an exponential smoothing with a smoothing constant of 0.20.
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: What are the advantages of exponential smoothing over the moving average and the weighted moving…
A: An exponential moving average (EMA) is an average that gives the most recent data points more weight…
Q: How could an exponential smoothing model be made moreresponsive?
A: Exponential smoothing is a model for predicting future events based on past events or trends that is…
Q: When a product is new and there is no historical data, the most promising method to forecast this…
A: For forecasting a new product with no historical data, Analogy is the most promising method.
Q: Explain how does adjusted exponential smoothing different from exponential smoothing?
A: Exponential smoothing augments the observation with diminishing weights as it ages. In other words,…
Q: Explain how is the moving avarages l approach equivalent to exponential smoothing ?
A: What is Forecasting? It is a technique using historical data to arrive at future points which can be…
Q: a - Find the equation of the general trend line using the ordinary least squares method? Then…
A: The least-square method is used to find the trend values to forecast future sales based on the past…
Q: The dean of a school of business is forecasting total student enrollment for this year's summer…
A: For Period t, let the particular enrollment be At and Forecast be Ft For 3 year moving average,-Ft =…
Q: Explain how is the moving averages approach equivalent to exponential smoothing?
A: This question is related to the topic Forecasting approaches and this topic falls under the…
Q: Whta is the relationship between the moving average method and exponential smoothing?
A: Forecasting is described as the practice of forecasting future values using historical data, most…
Q: A) Forecast the number of kilometers for years 3-6 using an exponential smoothing method (a = 0.1).…
A: Below is the solution
Q: What are the disadvantages and advantages of moving average technique and simple exponential…
A: Forecasting is an extremely important & significant part of company planning. It directs to the…
Q: What is the difference between adjusted exponential smoothing and exponential smoothing?
A: Exponential smoothing augments the observation with diminishing weights as it aged. In other word,…
Q: Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the…
A: a= 0.30 Year Sales Forecast error absolute ES a=0.30 error 1 460 420.00 40 40.00 2…
Q: A retail store records customer demand during each sales period. The data has been collected in the…
A: 3 Period Moving Average Forecasting (Ft) = At-1 +At-2 +At-33 Error = Actual - Forecast Means Squared…
Q: Develop a linear regression model relating printer sales to computer sales in order to forecast…
A: THE ANSWER IS AS BELOW:
Q: regression analysis to forecast the point at which Swanson needs to “build out” the top two floors…
A: Regression is a tool wherever you want to fit a linear trend line and get an equation with minimum…
Define the term Exponential smoothing?
Let’s understand what is meant by Exponential Smoothing.
Exponential Smoothing: It can be defined as the time series which decreasing weighs exponentially from newer to older. Simply said that older is the data lesser will be the priority and newer the data more relevant it is. It is basically used to make short term forecasts rather long term.
There are types of exponential smoothing as:
- Simple Exponential smoothing,
- Double Exponential smoothing and
- Triple Exponential smoothing.
Each of the above has different formulas:
Formulas:
1. Simple Average smoothing:
St = αyt-1 + (1 – α) St-1
Wherein the term α = the smoothing constant, a value from 0 to 1.
t = time period
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Under what conditions might a firm use multiple forecasting methods?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?