What are the advantages and disadvantages of aggregating deman from a forecasting view? Are there other things that should be considered when going from multiple DC (Distribution Centers) to a DC?
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A: When one forecasting technique is more accurate than another technique when applied to past data the…
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A: Demand forecasting is the technique used by managers to forecast the expected future demand and…
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…
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A: Collaborative planning ,forecasting and replenishment - It is a process which combines several…
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A: The following are the benefits of exponential smoothing as a forecasting tool over moving averages.…
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A: Forecast model:A forecast model is a mathematical model used to forecast future demand for a…
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: It is a common saying that the only thing certain about a forecast is that it will be wrong. What is…
A: Forecasting is the process of predicting future demand values based on historical data. The…
Q: When should time series forecasting techniques be used?
A: The statistical data and, as a consequence, the projected features are analyzed using statistical…
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A: Forecasting is the method of making future forecasts based on historical and current evidence. It's…
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Q: What is a time series and the rationale for forecasting based on a time series analysis?
A: Forecasting refers to the prediction of the future based on some evidence or a strong base.…
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 advantages as a forecasting tool does exponential smoothing have over moving averages?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: Explain what are the benefits of exponential smoothing over moving average forecasting
A: The table below gives a prediction of the advantages of moving average over exponential smoothing.
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…
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A: Forecasting is an indispensable method of managing sales by evaluating the future demand for…
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A: Demand forecasting is very important for any startup when you have an absence of resources and…
Q: can I ask some help about our assignment where we are tasked to find a case study in a manufacturing…
A: Trend Forecasting is the process to know the future buying habits of consumers by researching and…
Q: Distinguish between Planning and Forecasting. Answer must briefly.
A: Future demand is the forecasted demand for the products and services expected from the customers.
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: No singal forecast methodology is appropriate under all conditions: True or false?
A: Forecasting is a method that utilizes authentic information as contributions to make educated…
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: exponential smoothing superior to moving averages
A: Remarkable smoothing is a general guideline method for smoothing time arrangement information…
Q: Forecasting plays an important role in the operations of modern management. In fact, operational…
A: Answer: Reference: Wikipedia, Operations Management book, Pearson Publication, 12e Kimberly-Clark…
Q: What are the main advantages that quantitative techniques for forecasting have over qualitative…
A: Forecasting is the process of estimating potential demands as well as the resources that will be…
Q: What three methods are used to determine the accuracy of any given forecasting method? How would you…
A: Forecasting is the process of making assumptions of future events based on past and present…
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: Tim Hortons is planning to expand a new emarket by opening 6 branches. What are the 2 possible…
A: ANSWER IS AS FOLLOWS:
Q: 4. A major bank is considering installing ATMs at all locations of a grocery store chain. What…
A: Inventory management is a tool used to sourcing and distributing both raw materials and finished…
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: Discuss the techniques of forecasting and its types. Also explain the limitations of each technique?
A: Forecasting - The process which is related with making the predictions for the future and the basis…
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A: Forecasting is the tool which uses the historical data as the inputs to make the informed estimates…
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…
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A: Technology forecasting endeavors to foresee the future attributes of valuable mechanical machines,…
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: Write from your understanding the meaning of forecasting, forecasting time horizons, Seven Steps in…
A: Forecasting is a procedure that utilizations verifiable information as contributions to make…
Q: Forecasting follows seven basic steps. What are they?
A: Forecasting is a tool that allows educated predictions using historical data as inputs that are…
Q: What is the concept of seasonality? How do we forecast based on seasonal data?
A: Seasonality of time series data refers to the phenomenon of recurrent up and down periods in series…
Q: 1. It has been said that forecasting using exponential smoothing is like driving a car by looking in…
A: As specified, I have solved the second question for you. Kindly find it's answer ahead and post the…
Q: a) Using exponential smoothing, with a = .6, then trend analysis, and finally linear regression,…
A: given,
Q: State and describe the forecasting technique which places more emphasis on recent values and explain…
A: To be determined: the forecasting technique which places more emphasis on recent values and explains…
Q: Discuss what advantages as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change often, the exponential smoothing method is optimal.…
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- Under what conditions might a firm use multiple forecasting methods?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?
- What are the advantages and disadvantages of aggregating demand from a forecasting view? Are there other things that should be considered when going from multiple DCs to a DC?Why is accurate forecasting so important to companies thatuse a continuous replenishment inventory system?Explain why is accurate forecasting so important to companies that use a continuous replenishment inventory system?
- What is cloud-based forecasting, and why do companies use this in solving supply chain forecasting problems? Will cloud services replace the conventional forecasting solutions? What information would you use to support the view?Forecasting Forecasting is important relative to capacity requirements planning. What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods. Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods? In what situations would require a quantitative approach to forecasting?Forecasting is critical in modern times. Business organizations manifested more concern with anticipating the future, and as a consequence, a number of highly successful consulting firms emerged to provide forecasting help for governments and businesses. You are required: iii. Identify the different levels that forecasting of business trends takes place. iv. Give 3 examples where long-range forecasting can be used v. Do you think forecasting is always correct and accurate? Discuss this assertion in detail
- How is exponential smoothing superior to moving averages as a forecasting tool?Imagine you work for a breakfast cereal company that makes prepared products that are served cold. Your company wants to introduce a new hot breakfast cereal that would require some minimal preparation by the consumer. 1. How would you propose forecasting initial demand for this product? 2. Identify one quantitative and one qualitative technique. How do the techniques complement each other?Forecasting as you have read isn't an exact science. There can be many intangibles that you just can't predict. Therefore, which forecasting method do you believe is most successful and which one do you think is least effective? Please explain.