exponential smoothing superior to moving averages
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.
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A: When one forecasting technique is more accurate than another technique when applied to past data the…
Q: snip
A: The Delphi method is more qualitative. The Delphi method was developed by the Rank corporation in…
Q: hat are the benefits of exponential smoothing as a forecasting method over running averages
A: The advantages of the exponential smoothing over moving averages with respect to the forecasting…
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: It has been said that forecasting using exponential smoothing is like driving a car by looking in…
A: A person drives a car, he knows where he has to look. In most of the time, he has to look straight…
Q: Refer to Problem 4.2. Develop a forecast for years 2 through 12 using exponential smoothing with a =…
A: Given data is Alpha = 0.4 Forecast for year 1 = 6
Q: Discuss the basic assumptions made when using time series forecasting techniques as opposed to…
A: Several assumptions are made during the Time Series Initial Phase.
Q: Explain the trade off of responsiveness in a time series forecasting system
A: In return for improvements on other issues, Tradeoff is a situation-based technique that entails…
Q: All forecasting methods using exponential smoothing, adaptive smoothing, and exponential smoothing…
A: Forecasting is the process of predicting future demand values based on historical data. The…
Q: Daily high temperatures in St. Louis for the lastweek were as follows: 93, 94, 93, 95, 96, 88, 90…
A: Since you have asked multiple questions, we will solve first question for you (a, b and c). If you…
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: State when is the time series forecasting is used ?
A: Forecasting is a process that utilizes historical information and reports to forecast future events.
Q: A police station had to deploy a police officer for an emergency multiple times in the last four…
A: F(t) = F(t-1) + (Alpha * (A(t-1) - F(t-1))) Where F(t-1) is the forecast for the previous period and…
Q: The number of fishing rods selling each day is given below. Perform analyses of the time series to…
A: Note: - Since we can answer up to three subparts, we will answer the first three subparts here. If…
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: e least-squares regression method, the trend equation for forecasting is
A: Least square regression equation helps to identify the value of depending variable based on the…
Q: What does the term biased mean in reference to a particular forecasting technique?
A: The forecasting techniques are used for predicting the future demand and sales of the product. The…
Q: Identify the major differences between qualitative and quantitative forecasting.
A: Forecasting can be defined as the technique which predicts the future information based on…
Q: Explain what ex-post and ex-ante forecasts are, and how one can evaluate the accuracy of forecast of…
A: Ex Post Forecast, Ex Ante Forecast Ex post is forecasting using data that has been collected after…
Q: Forecasting time horizons include:a) long range. b) medium range.c) short range. d) all of the…
A: Forecasting is that of the method by that managers make estimates about future events. It's…
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: Explain the value of seasonal indices in forecasting. How areseasonal patterns different from…
A: Forecasting can be defined as the way or a process of making predictions based on past events or…
Q: Suppose you are working for a baking company in Bangladesh. What are the relevant factors you will…
A: Forecasting is the activity of making estimations of future activities based on past and present…
Q: Explain the trade off between responsiveness and consistency in a time series forecasting system?
A: Tradeoff A tradeoff is a decision-making technique that involves sacrificing quality, quantity, or…
Q: Justify the trade-off between responsiveness and consistency in a time-series forecasting system.
A: TradeoffTradeoff is a situational decision taken approach, that involves diminishing quality,…
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: A police station had to deploy a police officer for an emergency multiple times in the last four…
A: Exponential smoothing helps in finding the forecasted demand using the previous data. It required…
Q: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
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: snip
A: A moving average forecast becomes less responsive to change in a data series when more data points…
Q: The manager of a popular tourist resort wants to use the manual trend projection forecasting…
A: The equation for exponential smoothing is- Ft = F t-1 + α(A t-1 – Ft-1) Ft = the exponentially…
Q: Define and explain the forecasting technique which places more emphasis on recent values and explain…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: ontrast the reactive and proactive approaches to forecasting. Give several examples of types of…
A: Forecasting: Forecasting is a technique and a method which takes into consideration a set of…
Q: What is seasonality?How do we forecast using data that has seasonality?
A: Seasonality in time series data is the occurrence of repetitive up and down cycles in series values…
Q: Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α…
A: Given: Year Sales volume 2012 40 2013 48 2014 44 2015 46 2016 57 2017 41 2018 52…
Q: A check-processing center uses exponential smoothing to forecast the number of incoming checks each…
A: The forecasting technique is used to make predictions based on past and present data. Use in the…
Q: Forecasting is critical in modern times. Business organizations manifested more concern with…
A: It is at the national, industry, and firm levels that business forecasting takes place. Forecasts…
Q: Forecasting can be classified into which basic types?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Explain when is time series forecasting used ?
A: Forecasting is the process of predicting future events based on previous data and information.
Q: Why the following Approaches are used in forecasting, how would you interpret them what do they mean…
A: Forecasting is a technique that a marketer uses to estimate various things like a trend, future…
Q: Explain and give an example of a weighted average in forecasting
A: A Weighted Moving Average puts more weight on late information and less on past information. This is…
Q: Discuss what is seasonality and how forecast is done using data that has seasonality?
A: Time series analysis describes seasonal patterns as recurrent upward and downward cyclic patterns in…
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…
How is exponential smoothing superior to moving averages as a
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- 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?What forecasting techniques are used in the management of technology and innovation?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 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?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?