Discuss what are the benefits as a prediction tool over the moving average of exponential smoothing?
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…
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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: The Delphi method is more qualitative. The Delphi method was developed by the Rank corporation in…
Q: Explain the term “wrong” as it pertains to a good forecast?
A: In forecasting techniques, the word "wrong" refers to a difference between the real and forecasted…
Q: Choose the type of forecasting technique (survey, Delphi, averaging, seasonal, naive, trend,…
A: Delphi Technique of forecasting would be appropriate to predict the demand for vacations on the…
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: 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: Given forecast errors of 4, 8, and −3, what is the mean absolute deviation (MAD) and mean square…
A: Forecast errors = 4,8 and -3 Absolute errors = 4, 8 and 3
Q: three-period moving average. A weighted average using weights of .50 (most recent), .20 and .30.…
A: forecasting is a method which helps to predict the unknown future based on the known past…
Q: Explain what benefits as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change frequently, the exponential smoothing method is superior.…
Q: The demand for Krispee Crunchies, a favorite breakfast cereal of people born in the 1940s, is…
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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 advantages does exponential smoothing have over movingcaverages as a forecasting tool?
A: The following are the benefits of exponential smoothing as a forecasting tool over moving averages.…
Q: a) Using a 2-month moving average, the forecast for periods 11 and 12 is (round your responses to…
A: Forecast is the process of estimating the future demand using the previous year's or historical data…
Q: Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the…
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Q: An operations manager at a grocery store has tracked the sales of a specific item over the last ten…
A: Given Data- Period Demand 1 24 2 23 3 26 4 36 5 26 6 30 7 32 8 26 9 25 10 28
Q: Do you think that hard rock cafe makes use of time horizons when forecasting?
A: The forecast horizon is that the duration of your time into the destiny that forecasts are to be…
Q: Describe the exponential smoothing forecast?
A: In exponential smoothing forecasting, all the values of past demand are taken into consideration by…
Q: Cinema HD an online movie streaming service that offers a wide variety of award-winning TV shows,…
A: This question is related to the topic- Forecasting and This topic falls under Business-Operations…
Q: he treasury manager of a chain of clothing stores wants to develop a medium-term forecast.…
A: The certainty equivalent is a certain payment that someone would choose now over risking a greater,…
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: 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: The following gives the number of accidents that occurred on Florida State Highway 101 during the…
A: Find the given details below: Given details Month Number of Accidents Jan 25 Feb 45 Mar…
Q: What should be our forecast accuracy target if there is a high degree of volatility in customer…
A: Forecasting is the process of estimating the future demand according to the historic or previous…
Q: Clinic administrator Marc Schniederjans wants you to forecastpatient demand at the clinic for week 7…
A: Weighted moving average=∑Weight for period nDemand for period…
Q: Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the…
A: Given table- Year Sales 1 450 2 502 3 520 4 570 5 575
Q: The demand for Krispee Crunchies, a favorite breakfast cereal of people born in the 1940s, is…
A: Trend forecast is a quantitative data forecasting method where we use past data for finding out…
Q: what are the benefits of exponential smoothing forecasting?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?
A: As a forecasting function, exponential smoothing has the following benefits over running averages:…
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: Sales of a particular product (in the thousands of dollars) for the year of 2015 through 2018 have…
A: Serial no. Years Sales Weights Forecast sales(simple four year moving average) Forecast…
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: A manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly…
A: Following formulas are used for calculation: St-1= Average Sales for the month Tt-1=Additional trend…
Q: Three popular measures of forecast accuracy are: average error, median error, and maximum error.…
A: The accuracy of the forecast can be determined by comparing the actual or real values with the…
Q: Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last…
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Q: Can you tell the difference between "correct" and "true" when it comes to forecasting?
A: Forecasting is important in supply chain management because the production and inventory process of…
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Q: True Beauty is a cosmetics company that uses exponentialsmoothing with trend to forecast monthly…
A: Given data In the solution, three equations will be used to develop forecasts including trends.…
Q: Management of Davis’s Department Store has used time-series extrapolation to forecast retail sales…
A: Note: - Since the exact question that has to be answered is not specified, we will answer only the…
Q: what is the advantage of using double exponential smoothing over regression?
A: You can use both double exponential smoothing and regression to forecast a demand pattern with a…
Q: Sales of Bluetooth Headphones at the Abdulla Electronics Enterprises in Model Town, India, over the…
A: Since you have asked multiple questions, we will solve the first three questions for you (1.a, 2.b,…
Q: Forecast sales for the 11th period. For leveling, use exponential smoothing 0.20 and moving average…
A: Use exponential formula = α×Actual demand+(1-α)×previous demand
Q: The following monthly sales (in thousands of AUS dollars) of chocolate boxes have been recorded for…
A: Forecasting is a method of foretelling the future based on the outcomes of earlier data. It includes…
Q: As you can see in the following table, demand for heart transplant surgery at Washington General…
A: The concept used here is forecasting with the Exponential Smoothening method.
Q: Let's say you are playing the stock market and below period 2020 data was provided. For "stock A"…
A: The answer is as below
Q: regression analysis to forecast the point at which Swanson needs to “build out” the top two floors…
A: Regression is a tool wherever you want to fit a linear trend line and get an equation with minimum…
Q: What are the advantages as a prediction tool over the moving averages of exponential smoothing?
A: Exponential smoothing is more adaptable than moving midpoints in that changing the assessment of the…
Q: Holiday Lodge The Holiday Lodge is a large hotel and casino in the Adirondacks. The relatively new…
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Discuss what are the benefits as a prediction tool over the moving average of exponential smoothing?
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- Under what conditions might a firm use multiple forecasting methods?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?
- 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 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 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?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?What are the advantages as a prediction tool over the moving averages of exponential smoothing?
- what are the benefits of exponential smoothing forecasting?Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the past 5 years (see table below). Year Sales 1 450 2 510 3 516 4 563 575 a) Forecasted sales for year 6 using the trend projection (linear regression) method are 613.7 sales (round your response to one decimal place). b) The MAD for a linear regression forecast is sales (round your response to one decimal place).How is exponential smoothing superior to moving averages as a forecasting tool?