Forecasting is critical in modern times. It is believed that it started as a consequence of the great depression of the 1930s. Business organizations manifested more concern with anticipating the future, and as a consequence, a number of highly successful consulting firms emerged to provide forecasting help for governments and businesses. Required: i. Explain the importance and use of a forecasting in organisations ii. List the various variables that modern forecasters apply in their forecasting, and explain why these are used

Q: Identify the critical conditions and trade-offs to take into account when selecting forecasting…

A: When choosing the forecasting technology, the important considerations cost and accuracy are…

Q: Give three example of unethical conduct involving forecasting and the ethical principle each…

A: Deceptive conduct is an activity that falls outside of what is considered ethically right or…

Q: 12. Under the bottom-up approach, a central person or persons take the responsibility for…

A: The method of predicting future outcomes based on past and present data by analyzing the trends is…

Q: Explain why it's important to keep track of forecasting errors.

A: For a time series or other phenomenon of interest, forecast error is the difference between the…

Q: Community General Hospital finds itself treating many bicycle accident victims. Data from the last…

A: There are several forecasting techniques. Moving average method is simply and easy to use. It uses…

Q: Explain in detail about Collaborative Planning, Forecasting and Replenishment (CPFR)?

A: Collaborative planning ,forecasting and replenishment - It is a process which combines several…

Q: Explain what is seasonality and how forecast is done using data that has seasonality

A: In time series analysis, seasonalities are regarded as repeated up / down cyclic patterns in serial…

Q: Identify the three forecasting time horizons. State anapproximate duration for each.

A: With the help of forecasting we can predict what will be happing in the future. It can be done by…

Q: Describe the different forecasting methods and provide an example of when each is most applicable.

A: Below is the solution:-

Q: Describe the use of forecasting in compiling a technical document?

A: Forecasting is the most common way of assessing or foreseeing future results, patterns, or occasions…

Q: The Hartley-Davis motorcycle dealer in the Minneapolis– St. Paul area wants to be able to forecast…

A: Given Data

Q: List the various type of analytical tools and methods used in forecasting?

A: Numerous statistical approaches are used to examine the data, which enables the data to be…

Q: Cinema HD an online movie streaming service that offers a wide variety of award-winning TV shows,…

A: This question is related to the topic- Forecasting and This topic falls under Business-Operations…

Q: Is there anything that can be done to boost the Forecast technique

A: Forecasting is a technique for forecasting potential demand, assessing risk, and analysing patterns.…

Q: Sales of tablet computers at Ted Glickman's electronics store in Washington, D.C., over the past 10…

A: Given that:Initial Forecast = 20Remember the formula for calculating Forecast =Error = Demand -…

Q: i. What are the 3-months moving average forecasts for months 4, 5, 6 & 7? ii. What are the 3-month…

A: Forecasting is estimated predictions for the present as well as for the future as per the past data.…

Q: Forecasting Forecasting is important relative to capacity requirements planning. What are some of…

A: Qualitative data forecasting techniques mainly describes the characteristics and qualities of the…

Q: Are there models for making forecasts?

A: Forecasting is the process of making predictions about future events or values based on historical…

Q: Explain what forecasting techniques makes use of written surveys or telephone interviews

A: Operations management manages the internal operation. It starts with the procurement and ends with…

Q: Question 2 Differentiate between independent and dependent variable in forecasting The last seven…

A: The major differences between the dependent variable and independent variable are the following:…

Q: a) Forecasted sales for year 6 using the trend projection (linear regression) method are 630.1 sales…

A: MAD depicts the mean of absolute deviations in the forecasted values from the actual values.  MSE…

Q: What are some of the consequences of poor forecasts? Explain.

A: The Consequences of the poor forecast are:

Q: What is forecast accuracy and what are the different methods to check it?

A: Forecast Accuracy is basically how accurately the predicted value matches the actual value. In…

Q: How can the Forecast technique be improved?

A: Forecasting is a tool or technique which is used to predict future demand, risk and to analyze the…

Q: Alvin Cheah is a marketing analyst for Rockstar Travel Company. He wants to analyze the trend of…

A: NOTE: We are allowed to do one question only.…

Q: 2.1 Forecasting plays an important role in logistics planning, differentiate between quantitative…

A: Note - Hi! Thank you for the question As per the honour code, We’ll answer the first question since…

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.