In the text, the example of Walmart's collaboration with Sara Lee during hurricane season enables them to determine 'pop tarts, beer and flashlights' sell at 7 times the normal rate in this season. This sort of forecasting system would be considered: A collaborative system built and wholesaled but also looking at detail into at specific forecasts before assessing future demand. A collaborative planning, forecasting and replenishment system. A strategic weapon utilized to forecast for supply chain well in advance of its competitors.
Q: Use a three-period weighted-moving average forecast to determine a forecast for the 8th week using…
A: THE ANSWER IS AS BELOW:
Q: The Pro Apparel company manufactures baseball-stylecaps with various team logos. The caps come in an…
A: Forecasting is a tool to recognize problems and opportunities in the business and turning it into…
Q: Explain why forecasting devices such as moving averages, weighted moving averages, and exponential…
A: The average is going The prediction is increased and n is flat, but less susceptible. It provides an…
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: Below is a table containing data on product demand for the most recent five months along with the…
A: Forecast by using 3 period simple moving average method-
Q: The table below shows the demand for a particular brand of microwave oven in a department store.…
A: Given-
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: Use the data below to solve for the following: 2. Naïve method 3. Unweighted 3 month moving average…
A: Note: - As it is specified to answer 2, 3, and 4, we will answer only those. Given data is
Q: b. Use the least-squares regression method to derive a forecasting equation. c. What is your…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: The demand for Krispee Crunchies, a favorite breakfast cereal of people born in the 1940s, is…
A:
Q: Your manager is trying to determine what forecasting method to use. Based on the following…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: The Costello Music company has been in business for 5 years. During that time its sales of electric…
A: Forecasting is a tool to recognize problems and opportunities in the business and turning it into…
Q: for the 8th week using weights of 3, 2, and 1 (where the most recent week receives the highest…
A: THE ANSWER IS AS BELOW:
Q: The MAD for Method 1= _____ thousand gallons (round response to three decimal places)
A: Demand is the amount of quantity of goods and services for which the people are willing to pay at…
Q: The Yummy Ice Cream Company uses the exponential smoothing method. Last week the forecast was…
A:
Q: In order to increase the responsiveness (volatility) of following forecast models, what can you do?…
A: In order to increase the responsiveness of the forecast model using exponential smoothing, we need…
Q: 20- Forecasting is very important in predicting the future sales of a company. Can you identify the…
A: Below is the solution;-
Q: Please show how you got part C
A: Year Demand Workings Forecasted Demand 4 10 0.20×7+0.25×9+0.55×5 6.4 5 13 0.20×9+0.25×5+0.55×10…
Q: What is meant by the term tracking the forecast? In which two ways can forecasts go wrong?
A: Tracking the forecast means comparing the actual demand with the forecasted demand. It is used to…
Q: Explain the trade-off between responsiveness and stability in a forecasting system that uses…
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: Develop an appropriate forecast model for bookstoremanagement to use to forecast computer demand for…
A: Forecasting is an indispensable method of managing sales by evaluating the future demand for…
Q: Accuracy of forecasts. The manager of a large manufacturer of industrial pumps must choose…
A: Given data, Assume that each forecast has an average error of zero. Forecast Month…
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: 3 -period moving average forecast = At-1+At-2+At-33 Where, At-1= Actual data of previous period t…
Q: Below you are given the first five values of a quarterly time series of sales. Year Time Series…
A: Find the Given details below: Given details: Year Quarter Time Series Value Y1 1 1 36 2 24…
Q: National Standard, Inc. sells radio frequency identification (RFID) tags. Monthly demand for a…
A: Note: - Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the…
Q: Sales of quilt covers at Bud Banis' department store in Carbondale over the past year are shown…
A: Exponential smoothing is nothing but the time series predicting approach for univariate information…
Q: Corporate triple-A bond interest rates for 12 consecutive months follow. Month 1 2 3 4 5 6 7 8 9 10…
A: a)
Q: What is the term for forecasts used for making day-to-day decisions about meeting demand?
A: Forecasting is a technique used to predict future events using quantitative and qualitative methods…
Q: Sarah has been custom manufacturing sweaters now for 7 years. Her annual sales are shown below.…
A: Given data-
Q: The monthly demand for units manufactured by the Acme Rocket Company has been as follows: a. Use the…
A: Given data is The initial forecast for May = 105 units Alpha(here a) = 0.2
Q: constants of .6 and .9, develop fo recasts for the sales of VWBeetles. What effect did the smoothing…
A: Note: - Since the data for the 'Volkswagen Beetles' question is not given we will answer the…
Q: The table below shows actual demands for Fastway. Week Actual demand 20 63 21 62 22 67 23 66 24 67…
A: Formula for exponential smoothing model : Ft = At-1*alpha + (1-alpha)*Ft-1 The demand table is :…
Q: Based on the time series data presented above, do the forecasts using 2-month moving average (2-MA)…
A: THE ANSWER IS AS BELOW:
Q: All forecasts are subject to error. Do you think topmanagers would be concerned about the effectson…
A: Forecasting is described as a tool that will allow the businesses in the budgeting process and also…
Q: Clinic administrator Marc Schniederjans wants you to forecast patient demand at the clinic for week…
A: Below is the solution:-
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: Gasoline sales Times Series week sales (1000s of gallons 1 17 2 21 3 19 4 23 5 18 6…
A: Find the Given details below: Given details: week sales (1000s of gallons) 1 17 2 21 3 19…
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: Consider the following time series data. Choose the correct time series plot. (i) (ii)…
A: A time series is a grouping of information focuses that happen in progressive requests throughout…
Q: The following data shows sales forecast of Axis Dealer for motorbikes. Month Demand 1 650 2 700 810…
A: Given data:
Q: 2. Using the same table above, compute the weighted moving average forecast for demand for four…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Q: What is Use a naive method to make a forecast?
A: Naïve method of forecasting is a simple forecasting method where the sales or demand of the previous…
Q: Apply the following forecasting techniques of the data to estimate the demand in period 13: a.…
A: In the question, There are time-series data, actual demand data are given over the past 12 quarters.…
Q: . What is the mean square error for time periods 2 through 4 using the average forecasting method?…
A: I am using the 2 periods simple moving average method to find average forecasts. It is the average…
Q: Passenger miles flown on Northeast Airlines, a commuter firm serving the Boston hub, are shown for…
A: Given, Week 1 2…
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: Th e manager of a small health clinic would like to useexponential smoothing to forecast demand for…
A: In exponential smoothing; Here,
Q: orecast sales for the 11th period. For leveling, use exponential smoothing 0.20 and moving average 3…
A: THE ANSWER IS AS BELOW:
2
Step by step
Solved in 2 steps
- Under what conditions might a firm use multiple forecasting methods?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 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 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 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_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_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?The file P13_25.xlsx contains the quarterly numbers of applications for home mortgage loans at a branch office of Northern Central Bank. 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? Is it guaranteed to produce better forecasts for the future?It wouldnt let me take a screenshot of the table so I had to copy and paste it in here. My question is: How do you Calculate a moving average forecast using the last 2 and 4 dates of stay. What is the prediction for 7/1/2021 for each technique? Discussion Question 1 - 200 room hotel Forecasts MA 2 Errors MA 4 Errors ES (0.8) Errors ES (0.5) Errors Date Day of Week Rooms Sold MA 2 MA 4 ES (0.8) ES (0.5) AE APE AE APE AE APE AE APE 6/1/2021 Tuesday 123 6/2/2021 Wednesday 109 6/3/2021 Thursday 140 6/4/2021 Friday 199 6/5/2021 Saturday 179 6/6/2021 Sunday 140 6/7/2021 Monday 117 6/8/2021 Tuesday 132 6/9/2021 Wednesday 108 6/10/2021 Thursday 151…
- The manager of a large manufacturer of industrial pumps must choose between two alternative forecasting techniques. Both techniques have been used to prepare forecasts for a six month period. Using MAD as a criterion, which technique has the better performance record? Month Demand Technique1 Technique 2 1 492 488 495 2 470 484 482 3 485 480 478 4 493 490 488 5 498 497 492 6 492 493 493The manager of a large cement production factory in Road Town, Tortola has to choose between two alternative forecasting techniques. His production staff used both techniques in order to prepare forecasts for a six-month period (See table below). Using MAD as a criterion, which technique has the better performance record? FORECAST MONTH DEMAND TECHNIQUE 1 TECHNIQUE 2 1 492 488 495 2 470 484 482 3 485 480 478 4 493 490 488 5 498 497 492 6 492 493 493At the Rhorer Car Dealership, two salespersons deployed different forecast techniques. The Dealership's son, Joe uses exponential smoothing with alpha of 0.15; while the Sales Manager, Jack conducted focus groups, and market research. The data shown below. Determine which technique (using MAD analysis) gives a better forecast. # 1 2 3 4 5 6 7 8 9 10 11 12 | 13 14 15 16 17 18 19 20 21 22 23 24 [Select] [Select] [Select] Month - Yr. Sales 1/1/2016 234 345 3/1/2016 125 1-Apr 259 5/1/2016 315 278 7/1/2016 401 231 368 268 11/1/2016 214 159 1/1/2017 200 2/1/2017 398 1-Feb 1-Jun 1-Aug 9/1/2016 1-Oct 1-Dec 1-Mar 4/1/2017 250 410 398 501 8/1/2017 327 219 10/1/2017 348 209 12/1/2017 276 1-May 6/1/2017 1-Jul 1-Sep 199 1-Nov Joe Exp Smooth alpha 0.15 234 234 251 232 236 248 252 275 268 283 281 271 254 246 269 258 257 280 298 328 328 312 317 301 Jack Focus Group 269 397 144 298 362 320 461 266 423 308 246 183 240 478 239 300 492 478 601 392 263 418 251 331 What is the average error in the forecast…