Identify the three forecasting time horizons. State anapproximate duration for each.
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: Explain the benefits does exponential smoothing have over moving avarages as a forecasting tool ?
A: While in Moving Averages the previous perceptions are weighted similarly, Exponential Smoothing…
Q: 1. a.) What is forecasting? b. Explain the importance of forecasting for managers like you? c.) What…
A: Forecasting is simply analyzing and evaluating the past or present data to determine or predict the…
Q: What are the different Forecasting Approaches? Explain each in detail
A: A Small Introduction about Forecasting Forecasting is done to figure out what kind of demand could…
Q: What are the use of a time series forecasting and what assumption are made ?
A: Globalization is the process of contact and connection between people, businesses, and governments…
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: Explain when to use of a time series forecasting techniques and what assumption are made ?
A: The statistical procedures perform statistical analysis on historical data to forecast the…
Q: Contrast the reactive and proactive approaches to forecasting. Give several examples of types…
A: When one talks of proactive and reactive approaches to forecasting, it basically means that one has…
Q: What are the benefits of exponential smoothing over moving average forecasting?
A: The following are the advantages of exponential smoothing over moving averages as a forecasting…
Q: What type of forecast model would be most appropriate for a company that was introducing a new…
A: Forecast model:A forecast model is a mathematical model used to forecast future demand for a…
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: Why is forecasting necessary in OSCM?
A: Forecasting is the method of making future forecasts based on historical and current evidence. It's…
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: Given data is
Q: Explain what are the use of a time series forecasting and discuss what assumption are made ?
A: Globalization is the process of bringing together individuals, businesses, and governments on a…
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: There are two general approaches to forecasting, What are they?
A: Forecasting is a very important part of the organization. Forecasting is based on external forces…
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: Several business periodicals often carry reports of companies that may not have met their sales and…
A: Periodicals are a category of serial publications with a series of articles. They are published…
Q: Explain what can a company do to resolve the problem of forecasting accuracy?
A: Forecasting is the technique of anticipating the future using facts from the past and present.…
Q: Define Quantitative forecasting?
A: Entrepreneurs must understand how the past performance of the company can influence the company's…
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: 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: Explain the distinction between short- and long-term forecasts?
A: Forecasting is a technique that enables the generation of educated forecasts by utilising historical…
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: Assume that you have three forecasting models. For the first, MAD = 2.5, for the second, the MSE…
A: Answer : OPTION D ( One cannot conclude )
Q: Which type of forecasting approach, qualitative or quantitative, is better?
A: Qualitative approach: It is the method used to forecast decisions on the basis of intuition,…
Q: List the analytical tools and methods used in forecasting?
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
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: How much does the forecasting process at Deckers correspond with the “typical forecasting process”…
A: Forecasting is the tool which uses the historical data as the inputs to make the informed estimates…
Q: How do exponential smoothing have benefits over shifting.averages as a forecasting tool?
A: The benefits of exponential smoothing are as a prediction tool compared to moving averages.
Q: What are the major consequences of accurate forecasting? explain
A: Forecasting is defined as a process of developing predictions based on the past and…
Q: Imagine you work for a breakfast cereal company that makes prepared products that are served cold.…
A: Here we have to know the specific interest of the customers .This can be conceivable by the interest…
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: 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: State and explain the value of seasonala indices in forecasting and how are seasonal patterns…
A: To be determined: State and explain the value of seasonal indices in forecasting and how are…
Q: What is bias error in forecasting? What are some of the causes?
A: Bias error refers to the mistake in forecasting, which shows difference between the actual outcome…
Q: Explain the advantages of forecasting tool does exponential smoothing over moving avarages ?
A: The key benefits of exponential smoothing versus moving averages as a forecast.
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: State examples of industries affected by seasonality and reasons to eliminate seasonality in their…
A: To be determined: examples of industries affected by seasonality and reasons to eliminate…
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…
Identify the three forecasting time horizons. State an
approximate duration for each.
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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 should Sharon do in this situation?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?
- Identify the critical conditions and trade-offs to take into account when selecting forecasting methodology.Contrast the reactive and proactive approaches to forecasting. Give several examples of types oforganizations or situations in which each type is used.Explain the relationship between forecasting and quality management?
- Discuss the strategic importance of forecasting. What strategic decisions do organizations need to make in terms of forecasting? What are some examples?Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?