What are the advantages of exponential smoothing over the moving average and the weighted moving average?
Q: This is a type of forecast used to make long-term decisions, such as where to locate a warehouse or…
A: Fоreсаsting is а deсisiоn-mаking tооl used by mаny businesses tо helр in budgeting,…
Q: What factors enter into the choice of a value for the smoothing constant in exponential smoothing?
A: Exponential smoothing is an averaging technique which is a type of weighted moving average that…
Q: How is the moving average approach equivalent to exponential smoothing?
A: Forecasting is described as predicting future values based on past values, particularly in Time…
Q: Which are the six major reasons to accept Exponential smoothing techniques?
A: The six major reasons to accept Exponential smoothing techniques are:
Q: Explain quantitative forecast methods?
A: The quantitative method of forecasting uses numerical and prior effects to predict the possible…
Q: Given the Exponential Smoothing Method, Actual Demand alpha = .25 and Forecast Demand alpha = 0.75,…
A: Forecasting is a method that uses past data as inputs to make informed estimations that are…
Q: When a business is started, or a patent idea needs funding, venture capitalists or investment…
A: A profitability forecast is a set of figures included in a business plan. The result of forecasting…
Q: What are the benefits of exponential smoothing over the average and weighted average movement?
A: Benefits of Exponential smoothing over travel limit and weight travel:
Q: A company has an unbiased forecast for its demand. What does that mean?a. All forecast errors are…
A: Forecasting is the procedure of prediction making for the future grounded on past as well as present…
Q: What is linear trend forecast.
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Employing a 4 period moving average, forecast periods 5-8 and determine the forecast error (round 2…
A: 4 Period Moving Average forecast = sum of the actual demand of last 4 periods / 4…
Q: What is the fundamental difference between exponential smoothing and a weighted moving average?
A: Forecasting is a method of predicting future events by evaluating data sets quantitatively and…
Q: Short term forecast can be used for the following operation.
A: Short term forecastUp to 1 year, usually less than 3 monthsPurchasing, job planning, staff levels,…
Q: Using the exponential smoothing forecast, is it possible to forecast a demand that isbigger than any…
A: Exponential Smoothing:- Like the past 2 techniques, guileless and moving midpoints, the dramatic…
Q: Using a 2-year moving average, the forecast for year 6 = miles (round your response to the…
A: Two year moving average is a forecasting tool which concluding the average demand of previous two…
Q: Three months ago Two months ago Last month 400 units 350 units 320 units a. Using a simple…
A: Exponential smoothing is a forecast method based on time series with focus on uni-variate data.…
Q: A supermarket has experienced weekly demand of milk of D1 = 120, D2 = 127, D3 = 114, and D4 = 122…
A: Note: I have answered for 1st question. Kindly post the second question separately. Compute forecast…
Q: Explain how is moving average approach related to exponential smoothing?
A: A time series is a sequence of observations which may be ordered in time. Inherent withinside the…
Q: Compute a three-period moving average forecast given the demand for shopping carts for the last five…
A: Moving average is the method of forecasting the data which removes the variation. There are a number…
Q: What is the basic difference between a weighted moving average and exponential smoothing?
A: A Weighted moving average is a quantitative prediction technique tool used to foresee the price or…
Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…
A: Note: I have answered for sub-parts from (a) to (c) according to guidelines. Kindly post the…
Q: 3. You are using a 3 period moving average to calculate your forecast. Demand for period 1 was 90…
A: Given information:Demand period 1=90unitsDemand period 2=80unitsDemand period4=90unitsHere we have…
Q: How is moving average approach related to exponential smoothing?
A: Forecasting is described as the process of anticipating future values based on historical data, most…
Q: Moving Average method is always superior to Weighted moving average method for time series forecast
A: The moving method average is
Q: When a new business is started, or a patent idea needs funding, venture capitalists or investment…
A: Business Forecasting is important for both startups as well as existing businesses. The new age…
Q: exponential smoothing with a smoothing constant equal to .20, assuming a March forecast of 19(00).
A: To find Exponential smoothing with a smoothing constant equal to .20, assuming a March forecast of…
Q: 5. Compute a three-period moving average forecast and five-period moving average forecast given…
A: Moving average forecast method is a simple average method in which forecast for next period is…
Q: Predict the forecast for week 35 using an exponential smoothing with a smoothing constant of 0.20.
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: a) Using simple linear regression, the forecast for the number of disk drives to be made next year =…
A: In this question, for each year, I have disk drives data, using the Ms Excel software, I have…
Q: When a product is new and there is no historical data, the most promising method to forecast this…
A: For forecasting a new product with no historical data, Analogy is the most promising method.
Q: (a) Fit a straight line trend by the method of least square and calculate trend values. (b) What is…
A: FORMULAS USED IN THE LEAST SQUARE METHOD: STRAIGHT LINE TREND: Y=a+bX WHERE Y IS THE DEPENDENT…
Q: Considering the fact that the number of students is relatively constant throughout the academic…
A: 1. The formula for 3 month weighted moving average IS- Ft = wt-1*Dt-12Dt-2 3Dt-3 Where, Ft =…
Q: Which time-series forecasting method works best if the company assumes that product demand will…
A: Forecasts are a basic input in the decision processes of operations management because they provide…
Q: The following gives the number of accidents thatoccurred on Florida State Highway 101 during the…
A: Given Months Number of Accidents Jan 30 Feb 40 Mar 60 Apr 90
Q: How can we monitor and control forecast in our interior designing business. Please provide with a…
A: Small Introduction about Forecast Control Because forecast explosion only creates exploded forecast…
Q: What are the disadvantages and advantages of moving average technique and simple exponential…
A: Forecasting is an extremely important & significant part of company planning. It directs to the…
Q: What is the difference between adjusted exponential smoothing and exponential smoothing?
A: Exponential smoothing augments the observation with diminishing weights as it aged. In other word,…
Q: Explain the term moving averages?
A: Forecasting is the process of predicting future data based on previous or past data and information.…
Q: Explain how is the moving average equivalent to exponential smoothing
A: Moving approaches of smoothing and exponential average:
Q: Forecasts may be influenced by a product's position in its life cycle.
A: Forecasting - Forecasting is the process of predicting the resources of the organization in order to…
Q: What advantages does adjusted exponential smoothing have over a linear trend line for forecasted…
A: Adjusted exponential smoothing is a forecasting methodology that employs measurable and historical…
Q: Which one of the following models would be best for new product forecasting? Multiple Choice…
A: Holt's two-parameter model, also called as linear exponential smoothing, is a popular smoothing…
Q: Given an actual demand this period of 105, a forecast value for this period of 100, and an alpha of…
A: n exponential smoothing forecast, Next forecast = Previous forecast+α(Actual-Previous forecast)
Q: Use trend-adjusted exponential smoothing to forecast the firm’s August income. Assume that the…
A: Trend-adjusted exponential smoothing is a method that uses measurable, historical data observations,…
Q: Using the double exponential smoothing forecast, is it possible to forecast a demand thatis bigger…
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What are the advantages of exponential smoothing over the moving average and the weighted moving average?
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- Under what conditions might a firm use multiple forecasting methods?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?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?