Indicate how and why each of these factors is important to thesuccessful operation of a supermarket:b. Forecasting
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A: THE ANSWER IS AS BELOW:
Indicate how and why each of these factors is important to the
successful operation of a supermarket:
b.
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- Under what conditions might a firm use multiple forecasting methods?1) Describe a scenario that you have encountered recently as a consumer where a business has either under forecast or iver forecast demand for a product that you were planning to purchase. You will generally notice under forecasting if the product is out of stock or over forecasting if there is excess inventory for the item. Describe the imolications to the retailer,manufacturer, and broader supply chain. You can present your response through thr lens of your own discpline (accounting,mafketing,etc.) if you wish. 2) Give three examples from your life in which you may forecast the future. Highlight the importance of accurate forecasting in the three examples you provide.Serena just visited a restaurant for dinner. During the dinner time, she overheard two customers saying that company TXL will expect its workforce to go on strike next week, which will halt manufacturing and distribution of products. When Serena gets back home, she immediately uses this information to update her analyst forecast on company TXL from a “buy” to a “sell”. Please explain which Standard is violated.
- Assume that your stock of sales merchandise is maintained based on the forecast demand. If the distributor's sales personnel call on the first day of each month, compute your forecast sales by each of the three methods requested here. ACTUAL June 154 July August 194 225 a. Using a simple three-month moving average, what is the forecast for September? (Round your answer to 2 decimal places.) Forecast for September 191.00 b. Using a weighted moving average, what is the forecast for September with weights of 0.30, 0.40, and 0.30 for June, July, and August, respectively? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Forecast for September 191.30 c. Using single exponential smoothing and assuming that the forecast for June had been 142, forecast sales for September with a smoothing constant a of 0.30. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Forecast for SeptemberSource Available at: http://panmore.com/walmart-inventory-management [Accessed 18 July 2022] Reading the above, it becomes clear that good inventory management and forecasting can deliver supply chain success for and could ultimately lead to profitability and growth. In a report you are required to evaluate the importance of forecasting for Walmart Your report, must include but is limited to the following: • The importance of forecasting to Walmart. • Examine if a combination of both qualitative and quantitative forecasting may be best suited. • Argue the relevance of cloud-based forecasting for Walmart. NB: • The marks allocated next to each concept in the rubric below should serve only as a guide to the depth your discussion should cover. Your answer should be a minimum of 1 200 to a maximum of 1 500 words. Markers are to stop marking after the threshold of 1 500 words (two-and-a-half to three pages) has been reached. Please indicate the word count at the end of your answer. • You…If ABC Corporation has following historical data about sales volume: Years Sales Years Sales Years Sales Years Sales 2001 110 2006 99 2011 100 2016 110 2002 112 2007 101 2012 104 2017 111 2003 122 2008 95 2013 108 2018 109 2004 111 2009 98 2014 102 2019 114 2005 104 2010 96 2015 115 2020 112 Note: All the sale values are in thousands. Required: Which type of forecasting approach is suitable for this type of data? Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique. Calculate the predicted values by employing the discussed technique in part (b) on the above data.
- b. Explain the term “wrong” as it pertains to a good forecast4 .Substitute for Problem # 4 on in attachment)-Calculate the MAD,revised MAD and the Revised Forecast for months 1-6 for the following three groups,where the Forecast stands for Forecast Demand.Has your forecast improved ? Tell me how would you go about improving the revised forecast( for each of the three groups)without actually doing so? Estate Planning Group Auditing and Accounting Group Business Consulting Group Month Actual Demand Forecast Actual Demand Forecast Actual Demand Forecast 1 100 125 270 230 140 135 2 90 125 240 230 130 135 3 110 125 280 230 160 135 4 115 125 260 230 180 135 5 130 125 300 230 200 135 6 115 125 220 230 190 1352. An operation specialist used two forecast methods to forecast demand for a certain word processing software package. Actual demand and his corresponding predictions are shown below: Month Sales Forecast A Forecast B January 60 February 25 60 March 54 50 42 April 36 30 55 May 45 45 35 June 60 20 Which forecast method would you recommend if using MAD as the accuracy measurement? Select one: a. Forecast A b. Forecast B c. No preference.
- Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 5 months. The forecasts and actual sales are as follows: Month 1 2 3 4 5 6 sales 77 75 78 76 74 71 Forecast1 75 72 81 75 75 73 Forecast2 70 73 79 74 75 72 a. Compute the MAD, MSE and MAPE for each forecast. Does either forecast seem to be superior? Explain. (Round off your numbers to two decimal places, e.g., 2.674 → 2.67) b. Compute 2s control limits for each forecast and draw a control chart. Are the forecast errors with in control limits? Round off your numbers to two decimal places.Given a 3-quarter period of actual and forecast demand as shown in the table. The company ABC sets a forecast error with a limits of +/- 4, what can you conclude about the forecasted demand? Quarter Actual Demand Forecast Demand 1st 178 175 2nd 225 220 3rd 233 235 O Not acceptable. higher with the set limit O Not Acceptable, lower with the set limít O Accurate, forecast demand is equal to set limit O Acceptable, within set limit NextWhat method would you choose of forecasting technique, which requires subjective inputs obtained from various sources and are analyzed? O a. Judgmental forecasting method O b. Statistical forecasting method O c. Associative model O d. Time series forecasting method