How many steps are there in collaborative planning, forecasting, and replenishment (CPFR)?
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: 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: Explain in detail about Collaborative Planning, Forecasting and Replenishment (CPFR)?
A: Collaborative planning ,forecasting and replenishment - It is a process which combines several…
Q: What are the basic assumptions made when using time series forecasting techniques as opposed to…
A: Stationarity: The first assumption is that the series of data points are stationary. The series is…
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: Who needs to be involved in preparing forecasts?
A: The manager ultimately has the key responsibility to prepare the forecast. An organization should…
Q: Why is reliable forecasting so important for businesses using a continuous replenishment inventory…
A: Continuous Replenishment is a method in which a supplier receives regular updates on real-time sales…
Q: Describe the different forecasting methods and provide an example of when each is most applicable.
A: Below is the solution:-
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: Contrast the use of MAD and MSE in evaluating forecasts?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
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: List the various type of analytical tools and methods used in forecasting?
A: Numerous statistical approaches are used to examine the data, which enables the data to be…
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: What forecasting methods should the company consider? Please justify.
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: What advantages as a forecasting tool does exponential smoothing have over moving averages?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: What is the strategic importance of forecasting for a business such as Pinkie Ice Cream ? What are…
A: Strategic Management Strategic management gives general way by creating plans and approaches…
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: What type of forecasting method would you recommend to a start-up retailer in terms of quantities,…
A: Demand forecasting is very important for any startup when you have an absence of resources and…
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: Distinguish between Planning and Forecasting. Answer must briefly.
A: Future demand is the forecasted demand for the products and services expected from the customers.
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: 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: How has the technology had an impact on forecasting?
A: Technology plays an important role in forecasting and has the ability to have a huge impact. We will…
Q: Explain the trade off between responsiveness and consistency in a time series forecasting system?
A: Tradeoff A tradeoff is a decision-making technique that involves sacrificing quality, quantity, or…
Q: Justify the trade-off between responsiveness and consistency in a time-series forecasting system.
A: TradeoffTradeoff is a situational decision taken approach, that involves diminishing quality,…
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: Describe when to use of a time series forecasting techniques and what assumption are made?
A: Statistical approaches are used to forecast variables by analysing historical data. Forecasts are…
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: Discuss the techniques of forecasting and its types. Also explain the limitations of each technique?
A: Forecasting - The process which is related with making the predictions for the future and the basis…
Q: There are two major ways of gaining data for the technology forecast. Which one you prefer using for…
A: Technology forecasting endeavors to foresee the future attributes of valuable mechanical machines,…
Q: Forecasting is critical in modern times. Business organizations manifested more concern with…
A: It is at the national, industry, and firm levels that business forecasting takes place. Forecasts…
Q: Write from your understanding the meaning of forecasting, forecasting time horizons, Seven Steps in…
A: Forecasting is a procedure that utilizations verifiable information as contributions to make…
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: What forecasting tool is most appropriate when closely working with customers dependent on your…
A: CPFR (Collaborative planning, forecasting, and replenishment) is a forecasting tool that is the most…
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: What are the advantages and disadvantages of aggregating deman from a forecasting view? Are there…
A: The upsides of accumulating request from an estimating view make it conceivable to have a general…
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: State and describe the forecasting technique which places more emphasis on recent values and explain…
A: To be determined: the forecasting technique which places more emphasis on recent values and explains…
Q: What is the strategic importance of forecasting for a business such as One Stop Car Repairs? What…
A: Forecasting is a technique that uses historical data as inputs to make estimates that are predictive…
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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 does the Institute of Supply Management code of ethics say about financial conflicts of interest?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 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?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?What forecasting techniques are used in the management of technology and innovation?
- Explain what are the main benefits that quantitative techniques for forecasting have over qualitative techniques? Describe what limitations do quantitative techniques have?Explain the steps consists of Collaborative planning, forecasting, and replenishment (CPFR)?Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?
- How is exponential smoothing superior to moving averages as a forecasting tool?Explain in detail about Collaborative Planning, Forecasting and Replenishment (CPFR)?What are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?