How can we monitor and control forecast in our interior designing business. Please provide with a relative example
Q: How do exponential smoothing advantages have over moving averages as a forecasting tool?
A: The advantages of exponential smoothing as a forecasting method over operating averages are as…
Q: involve
A: The answer to this question is true.
Q: Explain the term for forecast that is used for making day to day decisions about meeting demand
A: The forecasting cycle of an organization is partitioned into two sections including strategic and…
Q: snip
A: Answer: It is important to measure the accuracy of forecasts, for any forecasting technique and…
Q: Does a correct forecast prove that your forecast method was correct? Why or why not?
A: Forecasting is important as it helps a business in setting the correct level of inventory, set the…
Q: Explain how do we measure accuracy of a forecasting model
A: We utilize the following criteria to determine a prediction model's efficiency:
Q: Briefly discuss how the forecast methods be applied in operations.
A: Forecasting refers to the process of making predictions for the future using past and present data.…
Q: I Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three- week and a…
A: Forecasting the future demand/sales can be done by various methods like moving average, weighted…
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: Explain in detail about Collaborative Planning, Forecasting and Replenishment (CPFR)?
A: Collaborative planning ,forecasting and replenishment - It is a process which combines several…
Q: When should time series forecasting techniques be used?
A: The statistical data and, as a consequence, the projected features are analyzed using statistical…
Q: Describe and evaluate the method of forecasting based on a time series analysis when a trend is…
A: Forecasting is the practice of estimating the size of unknown future events and generating different…
Q: snip
A: Given errors are: 3, 2, -2, 9 Running Sum of Forecast Errors (RSFE), is given by: RSFE = ∑ Errors…
Q: Explain why forecasts are generally wrong.
A: Forecasting is used to predict future changes or demand patterns.
Q: Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing…
A:
Q: State and explain three methods that are used to determine the accuracy of any given forecasting…
A: To be determined: three methods that are used to determine the accuracy of any given forecasting…
Q: Daily high temperatures in st. Louis for the last week were as follows:…
A: Given information:Temperatures in last week is 33,33,38,36,43,23,28
Q: If the tracking signal for your forecast was consistently positive, you could then say this about…
A: Tracking signal, as the name suggests, is a way to evaluate the forecast in comparison to actual…
Q: Discuss any 5 reasons that Hard Rock cafe may experience ineffective forecasts
A: Managing Supply Operations GSCM 206 Case: The Global Strategy of Hard Rock Café and Pearson Video…
Q: If sales are 43,854 and 43,811 for 2018 and 2019, what would you forecast for 2020 using exponential…
A: Exponential smoothing is a technique for smoothing data in preparation for presentations or…
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A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Q: Forecast accuracy decreases with the long range forecast. True or False? Explain
A: Forecasting is a technique of predicting future events based on historical data and projecting them…
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: Calculate the forecast for Week 16 using - a 2-period moving average - a 3-period moving average…
A: Given data is
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A: Given data is
Q: exponential functions for trend data. Assume an initial exponential Forecast of 620 units in period…
A: Below is the solution:-
Q: When a new business is started, or a patent idea needs funding, venture capitalists or investment…
A: Business Forecasting is important for both startups as well as existing businesses. The new age…
Q: Given is a historical time series for job services demand in the prior 6 months. Month Demand 1…
A: The weighted average is a forecasting method in which higher weight is given to the most recent data…
Q: The accompanying dataset provides data on the monthly usage of natural gas (in millions of cubic…
A: Given data is Alpha = 0.6 Gamma = 0.8
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: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
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: our manager is trying to determine what forecasting method to use. Based upon the following…
A: first we put the value on excel sheet then applying weighted moving average formula which shown in…
Q: exponential smoothing superior to moving averages
A: Remarkable smoothing is a general guideline method for smoothing time arrangement information…
Q: Qualitative forecasts and causal forecasts are not particularly useful as inputs to inventory and…
A: Qualitative forecasts and casual forecasts are not specifically helpful as inputs to the inventory…
Q: Explain the Principles for the Forecasting Process?
A: There are many forecasting models and they differ in degree of complexity and amount of the data…
Q: Forecast is calculating estimates of future cycle/s based on data of past cycles -- there is no…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: what is the advantage of using double exponential smoothing over regression?
A: You can use both double exponential smoothing and regression to forecast a demand pattern with a…
Q: Define time-series forecasting model and give examples.
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: Explain why is accurate forecasting so important to companies that use a continuous replenishment…
A: Forecasting is the practice of making future assumptions based on historical and current data, most…
Q: Give an example of forecasting a pet store
A: The forecast is defined as the projection based on past data. Past data, though, is factual, yet…
Q: Identify and explain the areas other than mentioned where the Hard Rock Cafe could use forecasting…
A: Hard Rock Cafe, Inc. is a chain of subject eateries established in 1971 by Isaac Tigrett and Peter…
Q: Use a three-period moving average method to determine forecast value for time 5 to 7. Use an…
A: THE ANSWER IS AS BELOW:
Q: State and explain the weakness of standard forecasting technique in forecasting approaches
A: To be determined: the weakness of standard forecasting technique
Q: Explain the advantages of forecasting tool does exponential smoothing over moving avarages ?
A: The key benefits of exponential smoothing versus moving averages as a forecast.
Q: State examples of industries affected by seasonality and reasons to eliminate seasonality in their…
A: To be determined: examples of industries affected by seasonality and reasons to eliminate…
Q: a. Calculate the simple three-month moving average forecast for periods 4 to 12.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: How can you evaluate the accuracy of a forecast model? explain in detail
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
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- 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?
- What strategies can an organization employ to improve the accuracy and effectiveness of its forecasting processes in operations management?. 4.5 The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the antici- pated mileage to be driven next year. The miles driven during the past 5 years are as follows: YEAR MILEAGE 1. 3,000 4,000 3,400 4. 3,800 5. 3,700 a) Forecast the mileage for next year (6th year) using a 2-year moving average. b) Find the MAD based on the 2-year moving average. (Hint. You will have only 3 years of matched data.) c) Use a weighted 2-year moving average with weights of .4 and 6 to forecast next year's mileage. (The weight of .6 is for the most recent year.) What MAD results from using this approach to forecasting? (Ilint: You will have only 3 years of matched data.) d) Compute the forecast for year 6 using exponential smoothing, an initial forecast for year of 3,000 miles, and a .5. Px1. Explain the challenges of managing service industry with suitable example? You being a service manager what the precautionary steps you will be initiating-Explain. 2. You are a manager working with operation department and your general manager asked to analyze the key external factors of the industry you are working with suitable example. 3. You are working with an airline company and your manager requested to submit report on elements of a good forecasting and explain pros and cons of delayed forecast.
- Company ABC is planning to introduce a new advanced model for their Juice Maker product. The process is mainly fabrication of parts followed by assembly of the final product. The design team of the company is assigned to perform the following tasks. Show how the data is obtained (survey, literature, actual from records). Justify any assumptions used in your analyses. Demand Forecast 6. To forecast the demand for the new model of the product including the following: a. Identify for the forecasting method that will be used: the time frame, demand behavior, and its causes. b. Use Adjusted Exponential Smoothing Model. c. The weighing factors (smoothing constants) to be selected based on experimentation. Inventory Management 7. Manage the inventory of the new model of the product including the following: a. Decide on the type of inventory. b. Use continuous inventory control system with Production Quantity Model. c. Justify any assumptions used in your analysis.Using the accompanying log–log graph, answer the following questions: a) What are the implications for management if it has forecast its cost on the optimum line? b) What could be causing the fluctuations above the optimum line? c) If management forecast the 10th unit on the optimum line, what was that forecast in hours? d) If management built the 10th unit as indicated by the actual line, how many hours did it take?for the last week, daily high temperatures in st.louis were as follows: 93, 94, 93, 95, 96, 88 and 90. i. calculate the mean absolute deviation based on a 2-day moving average. ii. compute the mean squared error for the 2-day moving average. iii. calculate the mean absolute percent error fort he 2-day moving average.