Forecasting follows seven basic steps. What are they?
Q: Develop a forecasting plan
A: The following steps are using for developing a forecasting plan. We have,We are collecting data for…
Q: What tool should we use to know whether our forecasting was under forecasted or over forcasted? Is…
A: This question is related to forecasting, we use several tools or parameters to check Bias, accuracy…
Q: Which is better forecasting or benchmarking? Be practical.
A: Manufacturing is the process of converting raw inputs into finished products and services for the…
Q: What are the similarities and differences between ridge regression and forecasting?
A: A Small Introduction about Regression Regression analysis is used to predict a continuous dependent…
Q: Describe the characteristics and differences between qualitative, quantitative, extrinsic,…
A: Forecasting techniques are used to predict the present and future events which helps in analysing…
Q: Do you think forecasting is important to the company? Briefly explain why?
A: Business forecasting is a technique of predicting development in the business like sales growth,…
Q: subject: strategic management What are some of the issues and danger in forecasting? Cite…
A: The methods and procedures used to forecast company events such as sales, expenditures, and profits…
Q: Who needs to be involved in preparing forecasts?
A: The manager ultimately has the key responsibility to prepare the forecast. An organization should…
Q: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
Q: Why is forecasting necessary in OSCM?
A: Forecasting is the method of making future forecasts based on historical and current evidence. It's…
Q: Identify one method that is used in forecasting and explain how it is applied.
A: Forecasting: It is a process of predicting future demand based on past values or demand and present…
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: Explain the forecasting term with the help of least squares ?
A: Least Squares Method The least squares technique is a type of mathematical regression analysis that…
Q: What forecasting methods should the company consider? Please justify.
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: What is the strategic importance of forecasting for a business such as Pinkie Ice Cream ? What are…
A: Strategic Management Strategic management gives general way by creating plans and approaches…
Q: How are you going to make your forecast more effective? Give a concrete example.
A: Forecasting is a decision-making tool used by many businesses to help in budgeting, planning, and…
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: What forecasting technique makes use of written surveys or telephone interviews?
A: Ans- Forecasting is the process of making assumptions of the future on the basis of past and present…
Q: Explain what are some of the potential advantage of a more formalized approach to forecasting
A: Forecasting is a method of accurately anticipating future demand to plan for it. Manufacturing and…
Q: Explain the term forecasting with least squares
A: Forecasting is a way of making a broader basis about the coming supported by facts. It can be used…
Q: Describe the six steps in a typical forecasting process.
A: Six steps in a typical forecasting process are: Determine the purpose of the forecast…
Q: How has the technology had an impact on forecasting?
A: Technology plays an important role in forecasting and has the ability to have a huge impact. We will…
Q: snip
A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: Discuss the time horizons for doing forecasting, and also identify 2 activities that are forecasted…
A: Forecasting is the strategy of anticipating what will be occurring soon it is utilized by numerical…
Q: What are the issues associated with qualitative forecasting, and how are these overcome? Provide…
A: Qualitative forecasting is a strategy for making forecasts about an organization's funds that…
Q: Describe the ASSOCIATIVE FORECASTING TECHNIQUES?
A: Associative forecasting is the technique of forecasting which uses several independent variables as…
Q: What are the challenges involved in forecasting?
A: Concept Introduction : Organizations use forecasting as a tool to think about and plan for the…
Q: Describe the analytical tool and processes that are utilised in forecasting
A: Forecasting is nothing but the approach of making predictions on the basis of past or previous and…
Q: Forecasting time horizons include:a) long range. b) medium range.c) short range. d) all of the…
A: Forecasting refers to making decisions and predicting on the basis of previous or past experiences.
Q: What is the distinction between forecasting and planning?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
Q: Discuss the methods that are used to develop the forecasting methodology?
A: Forecasting is a continuous process that the business engages in both in the short and long term. It…
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: 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: From the choice of simple moving average, weighted moving average, exponential smoothing, and linear…
A: Forecasting is the process of making assumptions of future events based on past and present…
Q: Explain the analytical tools and methods used in forecasting ?
A: Many statistical techniques are used to examine the data, which helps to summarize data first from…
Q: What forecasting tool is most appropriate when closely working with customers dependent on your…
A: CPFR (Collaborative planning, forecasting, and replenishment) is a forecasting tool that is the most…
Q: Describe the methods that are used to develop the forecasting methodology?
A: Forecasting is a continuous process that the organisation engages in on both a short and long term…
Q: Forecasting is
A: Forecasting is the process of making forecasts based on past and present data and most usually by…
Q: Describe the key factors and trade-offs to consider when choosing a forecasting technique.
A: The main factors are cost and accuracy..
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: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
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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 does the Institute of Supply Management code of ethics say about financial conflicts of interest?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?
- What forecasting techniques are used in the management of technology and innovation?China effectively shuts down for two weeks each year and celebrates the lunar new year. How does that resemble (or not) peak season in Western countries?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?
- 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?Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?Compare reactive and constructive forecasting methods. Provide some descriptions of styles or scenarios for each form of organisation.
- What is the strategic importance of forecasting for a business such as Pinkie Ice Cream ? What are the possible challenges faced by organizations that do not utilize forecasting in the planning of their operations?Contrast the reactive and proactive approaches to forecasting. Give several examples of types oforganizations or situations in which each type is used.Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?