Which of the following most requires long-range forecasting (as opposed to short-range ormedium-range forecasting) for its planning purposes?A. production levelsB. purchasingC. capital expendituresD. job schedulingE. cash budgeting

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Answered: Which of the following most requires…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.6: Moving Averages Models

Problem 22P: The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six...

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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?
which of the following statements is not true? a. the purpose of forecasting is to generate good forecasting on average over time, b. Forecasting for a shorter time period are usually more accurate than forecasting for a longer time horizon. c. it is difficult to forecast accurately; indeed, it is impossible. d. forecasting for groups of items are often less accurate than forecasting demand for single items
Explain the term Forcasting. Why forcasting are Forecasting is one of the important functions of management. It is a part and parcel of planning function. Forecasting means prediction about future. Forecasting means analysis of future about the operations of an enterprise. It involves looking ahead for future event. Forecasting means a process of providing the details supported by budget. Forecasting means drawing a conclusion about production, sales, profit on the basis of research, study & survey.
Which of the following statements comparing exponential smoothing to the weighted moving average technique is TRUE? Group of answer choices Exponential smoothing typically requires less record keeping of past data. Exponential smoothing is more easily used in combination with the Delphi method. Exponential smoothing allows one to develop forecasts for multiple periods, whereas the weighted moving average technique does not. More emphasis can be placed on recent values using the weighted moving average. Exponential smoothing is considerably more difficult to implement on a computer.
The last-value forecasting method: a. is quick and easy to prepare. b. is easy for users to understand. c. ignores all values except one. d. All of the answers choices are correct. e. None of the answer choices is correct.
As a small business owner, Emil understands the importance of sales forecasting to entrepreneurial success. Which of the following is correct regarding a sales forecast? Organizations rely on correlation analyses as their exclusive sales forecasting method. It is an estimate of the amount of a product that an organization expects to sell during a certain period of time. The accuracy of a sales forecast is not important. It is based on an unspecified level of marketing effort. 4
Demand forecasting helps a company to respond quickly to market changesgiving the firm a competitive advantage. The process of forecasting establishesthe link between planning and control for the company, and facilitates theeffective output of the firm’s goods and services. A common quantitativemethod of forecasting is time series. Explain what is involved in time seriesanalysis and its significance to demand forecasting.
Which of the following is important if forecasting is to have the desired positive effect on decisions? A. Communication between forecast staff and managment B. Ranges of forecast are reported to managment C. Forecast combination is examined D Forecast presentations should not be overly technical unless managment desires E All of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
What type of analytics seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible? domain predictive prescriptive descriptive What does the robustness of a data mining method refer to? its ability to construct a prediction model efficiently given a large amount of data its speed of computation and computational costs in using the mode its ability to overcome noisy data to make somewhat accurate predictions its ability to predict the outcome of a previously unknown data set accurately
Suppose that you are asked to forecast future stockprices of ABC Corporation, so you proceed to collectall available information. The day you announce yourforecast, competitors of ABC Corporation announce abrand new plan to merge and reshape the structure ofthe industry. Would your forecast still be consideredoptimal?
Paraphrase this one. Analyze and elaborate in 200 words. Time series analysis is a specific way of analyzing a sequence of data points collected over an interval of time. In time series analysis, analysts record data points at consistent intervals over a set period of time rather than just recording the data points intermittently or randomly. However, this type of analysis is not merely the act of collecting data over time. What sets time series data apart from other data is that the analysis can show how variables change over time? In other words, time is a crucial variable because it shows how the data adjusts over the course of the data points as well as the final results. It provides an additional source of information and a set order of dependencies between the data. Time series analysis typically requires a large number of data points to ensure consistency and reliability. An extensive data set ensures you have a representative sample size and that analysis can cut through noisy…
Demand Planning - Which of the following is a pitfall of using a customer’s forecasts? Customers forecast process not sound and forecasts inaccurate. Customer wants to participate in the CPFR process. Customer utilizes a lot of information to create their forecasts. All of the above

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Which of the following most requires long-range forecasting (as opposed to short-range or medium-range forecasting) for its planning purposes? A. production levels B. purchasing C. capital expenditures D. job scheduling E. cash budgeting