Q: Discuss Qualitative forecasting technique. Explain the situations where we use Qualitative methods.…
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: orecasting is the primary function for predicting the future using the available data to make the…
A: Forecasting is the primary function for forecasting the future and making decisions based on the…
Q: which of the following is a technique used to determine forecasting accuracy A. Mean Absolute…
A: There is a difference between forecasting and finding the accuracy of the forecast and one might…
Q: Sophisticated forecasting models are not always better than simple o There is no single forecasting…
A: Forecasting is one of the ways in which the companies try to analyse their future demand. The…
Q: Which of the following smoothing constant would make an exponential smoothing forecast equivalent to…
A: alpha of 1.0 leads to an exponential smoothing forecast similar to a naive forecast.
Q: Which of the following is used to describe the degree of forecast error? a. Median and Mode b. Mean…
A: Mean absolute percent error is the method to describe the degree of relationship between errors for…
Q: 1.Forecasts are essential for the ..............operations of business organizations. 2.In a simple…
A: Forecasting is the process of predicting future data based on previous or past data and information.…
Q: Which of the following smoothing constants would make an exponential smoothing forecast equivalent…
A: In exponential smoothing, it is attractive to utilize a higher smoothing consistent when…
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: Forecasting is the basis for all strategic and planning decisions in the supply chain. Select one:…
A: Find the answers below: The Correct answer is True.
Q: Using your own words, describe the drawbacks of the moving average forecasting model and the…
A: Definitions Moving average: - A forecast which is made by taking the average or weighted average of…
Q: Forecasts may be influenced by a product's position in its life cycle.. A) TRUE B) FALSE
A: The life cycle of a product defines the different stages from its beginning to its end in the market…
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: You are required to collect data about corona virus cases since 1st of AUG 2020 till the day of…
A: The unprecedented Covid-19 has impacted the lives of people worldwide.
Q: Consider the time series data in Table 4 Construct a time series plot. What type of pattern exists…
A: Moving average and exponential smoothing methods are time series forecasting method. This can be…
Q: 6.For a random process, the most appropriate forecast is the naive forecast True or False
A: According to the random walk hypothesis, stock market values fluctuate at random and cannot be…
Q: The monthly sales for Yazici Batteries, Inc., were as follows: Month Sales Jan Feb Mar 19 21 17 Apr…
A: Find the Given details below: Given details: Month Sales January 19 February 21 March 17…
Q: They asked about applying forecasting techniques like 2 moving average and naive
A: We would determine the MAD value using each forecasting technique, I would choose the forecasting…
Q: A time-series forecasting model uses a series of past data points to make a forecast. True False
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
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: Explain the tradeoff between responsiveness and stability in forecasting system that uses…
A: Forecasting: Forecasting can be termed as prediction of future sales or demand of a product. It is a…
Q: Three popular measures of forecast accuracy are:a) total error, average error, and mean error.b)…
A: Forecast accuracy is important because it ensures the reliability and validity of data. Forecasting…
Q: Which of the following concepts explain why we tend to make errors in affective forecasting?
A: Affective forecasting refers to the prediction of future events on the basis of a current emotion.
Q: What is the definition of a forecast error?a. The average difference between the forecast and the…
A: Forecasting is a tool that uses historical data as inputs that are predictive in deciding the path…
Q: snip
A: Forecasting is a technique of estimating or predicting future trends with the help of surveyed data…
Q: The forecasting technique that gives progressively lower weights to all past data without dropping…
A: Forecasting is a method that utilizes recorded information as inputs to construct declared…
Q: a. They generally work best when combined with a quantitative approach
A: Qualitative research comes from open-ended questions. It collects data in a different way. Instead…
Q: You have a data set that includes time period and past sales data, and you want to use a time series…
A: Ans// D) Weighted moving average Time series forecasting makes the prediction about the future by…
Q: Forecasts are generally wrong.a. Why are forecasts generally wrong?
A: Forecasting is used to predict future changes or demand patterns. Forecasting is the process of…
Q: All the following are techniques used in quantitative forecasting except. A. Regression analysis B.…
A: Forecasting refers to the approach of making predictions on the basis of present and past…
Q: Which of the following is a forecasting error measure? A. CAT B. SAD C. MAD D. BAD
A: (C) MAD MAD is used to measure the forecast Error
Q: Forecast bias is useful to determine a. Seasonality b. Trends c. if forecast error is…
A: A forecast bias happens when there are differences between actual outcomes and previously generated…
Q: Explain 4 methods of judgmental technique in forecasting
A: There several methods used for forecasting in business. Business is full of risk and uncertainty. To…
Q: While other forecasting methods and techniques are also used, these three are the most notable at…
A: For Walmart's business, effective human resource management is essential. The company's human…
Q: sing data in columns A-C create a forecast using the Simple Moving Average method based on 10 weeks…
A: Forecasting means predicting in advance the values of future sales/demand by using different methods…
Q: Exponential Smoothing gives always better results than any other similar method used for time-series…
A: Forecasting in the business management is described as the process through the probable demand in…
Q: Explain the effects it does on the no. Of cycles in a moving average have on the forecasts…
A: A Moving Average (MA) forecasting method estimates anticipated demand by calculating the average…
Q: A check-processing center uses exponetial smoothing to forecast the number of incoming checks each…
A: Given, Checks received in June = 40 million Forecast for June = 42 million Smoothing Constant = 0.15
Q: Forecasting with exponential smoothing has been compared to driving a car while gazing in the…
A: To be determined: Forecasting with exponential smoothing has been compared to driving a car while…
Q: None of the options are correct.
A: What is Stationarity? A time collection has stationarity if a shift in time doesn’t purpose an…
Q: How does the linear trend line forecasting model differ from a lincar regression model for…
A: Linear trend line forecasting refers to the statistical tool that helps in better interpretation of…
Q: The moving average forecast method should only be used with time series data demonstrating a linear…
A: A moving average, which is indeed the average of any subset of values, is a method for gaining a…
Q: Describe why such forecasting devices as moving average , weighted averages and exponential…
A: To be determined: why such forecasting devices as moving average , weighted averages and…
Q: The following table shows predicted product demand using your particular forecasting method along…
A: From the above given information, we have to compute the tracking signal of each period using the…
Q: State what is a qualitative forecasting model and it uses under forecasting
A: To be determined: what is a qualitative forecasting model and it uses under forecasting
Q: The last-value forecasting method: a. is quick and easy to prepare. b. is easy for users to…
A: A strategy that uses previous data as inputs to make well-informed predictions about the direction…
Q: It has been said that forecasting using exponential smoothing is like driving a car by looking in…
A: Exponential smoothing is a time series forecasting technique for univariate data that can be…
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- Under what conditions might a firm use multiple forecasting methods?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 owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?
- The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?
- 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?Do the sales prices of houses in a given community vary systematically with their sizes (as measured in square feet)? Answer this question by estimating a simple regression equation where the sales price of the house is the dependent variable, and the size of the house is the explanatory variable. Use the sample data given in P13_06.xlsx. Interpret your estimated equation, the associated R-square value, and the associated standard error of estimate.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_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?A small computer chip manufacturer wants to forecast monthly ozperating costs as a function of the number of units produced during a month. The company has collected the 16 months of data in the file P13_34.xlsx. a. Determine an equation that can be used to predict monthly production costs from units produced. Are there any outliers? b. How could the regression line obtained in part a be used to determine whether the company was efficient or inefficient during any particular month?Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semifragile, and durable. Costs for 15 randomly chosen packages of approximately the same weight and same distance shipped, but of different cargo types, are provided in the file P13_16.xlsx. a. Estimate a regression equation using the given sample data, and interpret the estimated regression coefficients. b. According to the estimated regression equation, which cargo type is the most costly to ship? Which cargo type is the least costly to ship? c. How well does the estimated equation fit the given sample data? How might the fit be improved? d. Given the estimated regression equation, predict the cost of shipping a package with semifragile cargo.