formula refersNaive Forecast method.O a. Forecast value for thecurrent period = Lastperiod actual valueO b. Last period forecastdemand value = Actualvalue for the currentperiodO c. Ratio of Actual value /Forecast valueO d. Sum of all data /number of data

To compute a naïve forecast just require the earlier month of sales and plug it in close to the…

Answered: formula refers Naive Forecast method. O…

Business

Operations Management

formula refers Naive Forecast method. O a. Forecast value for the current period = Last

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 29P: The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

formula refers
Naive Forecast method.
O a. Forecast value for the
current period = Last
period actual value
O b. Last period forecast
demand value = Actual
value for the current
period
O c. Ratio of Actual value /
Forecast value
O d. Sum of all data /
number of data

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