Explain the advantage of using probabilistic timeestimates
Q: (a) Apply the moving average (MA) model with a three-day lag (q = 3) and a five-day lag (q =5) to…
A: THE ANSWER IS AS BELOW:
Q: What is the difference between a simple regression equation and a multiple regression equation?
A: Regression equations are used for various functions, generally, in operations, they are used for…
Q: Movieflix, an online movie streaming service that offers a wide variety of award-winning TV shows,…
A: Qualitative forecasting is a methodology in forecasting which primarily focuses on the judgement,…
Q: If Mr. Ishaq is the Director of Lexus Company in Nizwa, what does he need to do to predict customer…
A: Forecasting is a method that uses historical data as inputs to make informed predictable estimates…
Q: Explain in between 400 and450 words the differences between forecasting and budgeting and also…
A: Below is the solution:-
Q: For the E-Commerce Retail Sales (Million$) data given in the table below, provide estimates from the…
A: Given data is
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: What is the difference between a causal model and a time-series model?
A: Forecasting helps in predicting the future. Every organization needs forecasting to plan thestrategy…
Q: Given this frequency distribution, what demand values would be associated with the following random…
A: Given, Demand Frequency 0 18 1 15 2 18 3 49 Cumulative frequency and its probability:…
Q: Models for forecasting?
A: Forecasting models are one of the numerous methods used by organizations to forecast sales, supply…
Q: Which of the three variables in Little’s law do you think is generally the most difficult to…
A: Little's law is described as the theorem through which the average number of items that are present…
Q: This type of analysis is most appropriate when the past is a good predictor of the future.
A: The provided statement is related to the time series analysis.
Q: Let’s say you work for a company that makes prepared breakfast cereals like corn l akes. Your…
A: In this case, we want to know the initial demand for the product. Prediction of demand can be done…
Q: Discuss what are the benefits as a prediction tool over the moving average of exponential smoothing?
A: Exponential smoothing is more adaptable than sliding midpoints in that it allows for easy adjustment…
Q: An information will be having predictive value if it can assist to: a. Predict the past b. Predict…
A: Financial information is helpful if it has predictive value and confirmatory value. Predictive value…
Q: What is the primary difference between a time-series model and an associative model?
A: Associative forecasting models typically consider multiple variables that are related to the…
Q: Do you agree that all students in tertiary level (college, university, etc.) need to take at least…
A: The employee can be defined as the person who is hired by an organization to perform a specific role…
Q: year quarterly sales (000 units) Q1 Q2 Q3 Q4 2016 1300 1500 1200 2000 2017 1600 1800 1100…
A: Find the given details below: Given Details Year Quarter Sales(000 units) 2016 Q1 1300 Q2…
Q: How do you say "predictive analysis," and what is it? Describe how this might be used.
A: Predictive analysis is a statistical and modeling analysis. This technique is used to predict the…
Q: Define the term decomposition of a time series?
A: A time - series data is a sort of time-ordered data series; alternatively, a time series can be…
Q: What is the prima ry difference between a time-series model and an associative model?
A: Introduction: Forecasting can be defined as the technique which uses past data to estimate future…
Q: Describe a scenario that you have encountered recently as a consumer where a business has either…
A: Forecasting is the method involved with making expectations dependent on over a wide span of time…
Q: 1. Business valuation is typically conducted when a company is looking to sell all ora portion of…
A: A business valuation is a process of determining the economic value of a business or a company. It…
Q: Sales of a particular product (in the thousands of dollars) for the year of 2015 through 2018 have…
A: Serial no. Years Sales Weights Forecast sales(simple four year moving average) Forecast…
Q: Movieflix, an online movie streaming service that offers a wide variety of award-winning TV shows,…
A: Find the Given details below: Given details: Year Membership (000s) 2013 17 2014 16 2015…
Q: Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows:…
A: Quarter Year 1 Year 2 Year 3 Average Winter 63 64 94 (63+64+94) /3=73.667 Spring 99 83 151…
Q: An information will be having predictive value if it can help to _____________. a. Predict the…
A: The predictive value that forms predictions regarding future consequences utilizing historical data…
Q: Explain the compromise between responsiveness and stability in a predictive system using data from…
A: A system's ability to respond rapidly to changes in time series data is responsive.
Q: (a) Assuming that a simple linear regression model is appropriate, obtain the least squares fit…
A: At the point when linear regression is utilized for forecast purposes, the minimization of the…
Q: Through forecasting, organizations attempt to adapt to or change the future as predicted through…
A: This do not require any introduction
Q: ccording to a survey by Accountemps, 48% of executives believe that employees are most productive on…
A: Given , Population proportion = 48% n = 220
Q: Sales of a company (in $100,000) for the last 7 years are listed in the following table. Use the…
A: THE ANWER IS AS BELOW:
Q: disadvantages and advantages of Regression analysis technique?
A: Regression analysis is a technique used to estimate the relationship between different variables.
Q: Discuss the differences between a causal model and a time-series model. Be sure to provide examples…
A: Causal model of forecasting is an approach that would predict or forecast the futuristic events…
Q: Cost Estimation; High-Low and Regression Methods The Mac Davis Company specializesin the purchase,…
A: Given data, House Square Feet External Opening Cost 1 2500 13 2810 2 3010 15 3742 3…
Q: Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last…
A: As required, we have to find the answers to part b) only. The 3-month moving average forecast for a…
Q: How efficient is an Regression analysis technique?
A: Relapse analysis or Regression analysis is a reliable method of distinguishing which factors affect…
Q: General Motors would like an estimate of the chance that Tesla will bring the cost of batteries down…
A: The contingency plans and scenarios are the means for anticipating future conditions. Contingency…
Q: Present and discuss in detail the benefits and challenges of two applications of forecasting in…
A: The coordination and organisation of corporate activities are referred to as business management.…
Q: In opposition to causal technology, what are the fundamental assumptions when using time series…
A: The following are the basic assumptions in time series forecasting:
Q: Make provision for analysing time series using five most popular statistical approaches?
A: Time arrangement examination is quite possibly the most widely recognized information types…
Q: In comparison to causal techniques, what are the fundamental assumptions when utilizing predictive…
A: When forecasting time series, the following fundamental assumptions must be made:
Q: How does the presence of uncertainty affect the usefulness of the model?
A: The uncertainty is very important The cost have to be analysed before the actual sales take place.…
Q: To better plan for future growth of the restaurant, Karen needs to develop a system that will enable…
A: Forecasting is a method that involves chronicled information as contributions to make informed…
Explain the advantage of using probabilistic time
estimates
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Sales for the past 12 months at computer success are given here: January 3,000 July 6,300 february 3,400 August 7,200 March 3,700 Sept 6,400 April 4,100 Oct 4,600 May 4,700 Nov 4,200 June 5,700 December 3,900 a. Use a 3-month moving average to forecast the sales for the months May through December b. Use a 4-month moving average to forecast the sales for the months May through December C. Compare the performance of the two methods by using the mean absolute deviation as the performance criterion. Which method would you recommend? d. Compare the performance of the two methods by using the mean absolute percent error as the performance criterion. Which method would you recommend? e. Compare the performance of the two methods by using the mean squared error as the performance criterion. Which method would you recommend?What is the importance regression When Forecasting in businessModels for forecasting?
- Explain the compromise between responsiveness and stability in a predictive system using data from time series.Let’s say you work for a company that makes prepared breakfast cereals like corn flakes. Your company is planning to introduce a new hot breakfast product made from whole grains that would require some minimal preparation by the consumer. This would be a completely new product for the company. How would you propose forecasting initial demand for this product?Describe the characteristics and differences between qualitative, quantitative, extrinsic, andintrinsic forecasting techniques
- If descriptive analytics focuses on summarizing historical data to gain insights into past events and trends and predictive analytics focused on forecasting future outcomes. What is the significance of the relationship between the past and the future?What are the principles of the forecasting process ?What are the basic assumptions in contrast to causal techniques when using predictive time series techniques?