What does the term biased mean in reference to a particular forecasting technique?
Q: How do exponential smoothing advantages have over moving averages as a forecasting tool?
A: The advantages of exponential smoothing as a forecasting method over operating averages are as…
Q: In each of the following, name the term defined or answer the question. Answers are listed at the…
A: Note: I have answered for questions 1 to 3. Kindly post the remaining questions separately. 1)…
Q: snip
A: The Delphi method is more qualitative. The Delphi method was developed by the Rank corporation in…
Q: hat are the benefits of exponential smoothing as a forecasting method over running averages
A: The advantages of the exponential smoothing over moving averages with respect to the forecasting…
Q: It has been said that forecasting using exponential smoothing is like driving a car by looking in…
A: A person drives a car, he knows where he has to look. In most of the time, he has to look straight…
Q: Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 18 15 Using the…
A: The naïve method of forecasting uses the value of the previous week as the current week's forecast.…
Q: The moving average forecasting method is typically bestfor products:a) Functional b) Innovativec)…
A: The correct answer is option c) Mature. Moving Average formula is used to average the number of…
Q: Contrast the reactive and proactive approaches to forecasting. Give several examples of types…
A: When one talks of proactive and reactive approaches to forecasting, it basically means that one has…
Q: It has been said that forecasting using exponential smoothing is like driving a car by looking in…
A: As there are multiple questions posted, as per policy will answer the first question only. If you…
Q: Explain the basic assumptions made when using time series forecasting techniques as opposed to…
A: The Time Series Initial Phase makes a variety of assumptions.
Q: Describe and evaluate the method of forecasting based on a time series analysis when a trend is…
A: Forecasting is the practice of estimating the size of unknown future events and generating different…
Q: Using your own words, describe the drawbacks of the moving average forecasting model and the…
A: Definitions Moving average: - A forecast which is made by taking the average or weighted average of…
Q: Explain what assumptions do qualitative forecasting systems make
A: Qualitative prediction systems make the following assumptions:
Q: What does the word "biassed" mean when applied to a specific forecasting technique?
A: Forecasting is a common and widely used methodology in almost every area of endeavor, including…
Q: e least-squares regression method, the trend equation for forecasting is
A: Least square regression equation helps to identify the value of depending variable based on the…
Q: If the tracking signal for your forecast was consistently positive, you could then say this about…
A: Tracking signal, as the name suggests, is a way to evaluate the forecast in comparison to actual…
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: What th ree methods are used to determine the accuracy of any given forecasting method? How would…
A:
Q: If the Tracking Signal for your forecast was consistently positive, what could you then say this…
A: If the tracking signal of the forecast is always positive, then it is bias and consistently too low.…
Q: Is there anything that can be done to boost the Forecast technique
A: Forecasting is a technique for forecasting potential demand, assessing risk, and analysing patterns.…
Q: Which qualitative forecasting technique was developed to ensure that the input from every…
A: Delphi method.
Q: Choose one qualitative forecasting technique from the following. O a. Regression analysis O b.…
A: Find the answers below: The Correct Answer is b) Market research
Q: What method would you choose of forecasting technique, which requires subjective inputs obtained…
A: Forecasting is technique which uses past data in order to predict future trends. It is mainly used…
Q: Using MAD as a criterion, which technique has the better performance record?
A: MAD or Mean Absolute Deviation indicating the average value of the absolute errors. An efficient…
Q: What forecasting technique makes use of written surveys or telephone interviews?
A: Ans- Forecasting is the process of making assumptions of the future on the basis of past and present…
Q: State the assumptions made when using a time series forecasting techniques
A: Numerous estimates are taken in statistical analysis.
Q: What implications do forecast errors have for the search for ultrasophisticated statistical…
A: Forecasting is the process of making predictions for the future based on the past and present data.…
Q: Suppose you are working for a baking company in Bangladesh. What are the relevant factors you will…
A: Forecasting is the activity of making estimations of future activities based on past and present…
Q: snip
A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: The manager of a large manufacturer of industrial pumps must choose between two alternative…
A: Both techniques have been used to prepare forecasts for a six month period as follows:
Q: What are the main advantages that quantitative techniques for forecasting have over qualitative…
A: Forecasting is the process of estimating potential demands as well as the resources that will be…
Q: Explain 4 methods of judgmental technique in forecasting
A: There several methods used for forecasting in business. Business is full of risk and uncertainty. To…
Q: Explain the difference between qualitative and quantitative approaches to forecasting. Describe…
A: Forecasting is the method of forming foresight dependent on historical and existing or present…
Q: Forecast is calculating estimates of future cycle/s based on data of past cycles -- there is no…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: Explain how do exponential smoothing have benefits over shifting averages as forecasting tool
A: The merits of autoregressive moving as a prediction approach are considerable in comparison to…
Q: What effect does the number of cycles in a moving average have on the forecast's responsiveness?
A: In order to estimate potential demand, the Moving Average (MA) projection method uses the MA formula…
Q: snip
A: A moving average forecast becomes less responsive to change in a data series when more data points…
Q: Define time-series forecasting model and give examples.
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
Q: What is seasonality?How do we forecast using data that has seasonality?
A: Seasonality in time series data is the occurrence of repetitive up and down cycles in series values…
Q: Generate forecasts for data with diff erent patterns, such as level, trend, and seasonality and…
A: Solution Introduction with Generate Forecasting for data Forecasting is a logical extension of the…
Q: Why the following Approaches are used in forecasting, how would you interpret them what do they mean…
A: Forecasting is a technique that a marketer uses to estimate various things like a trend, future…
Q: Describe why such forecasting devices as moving average , weighted averages and exponential…
A: To be determined: why such forecasting devices as moving average , weighted averages and…
Q: what is the main difference between casual methods and time series methods used in forecasting?…
A: This question is related to the topic of the forecasting approach and this topic falls under the…
Q: Give a proper explanation of what is meant by the adaptive forecasting
A: To be determined: a proper explanation of what is meant by the adaptive forecasting
Q: Explain why such forecasting devices as moving averages, weighted moving averages, and exponential…
A: Forecasting is the anticipating the future demand considering the historical data. Following are the…
Q: Explain how the technology of forecasting can be improved
A: Forecasting is a long-term and short-term activity that the company engages in on a regular basis.…
Q: What does the term "adaptive forecasting" mean?
A: Forecasting is nothing more than forecasting patterns and making potential forecasts based on…
Q: Discuss what advantages as a forecasting tool does exponential smoothing have over moving averages?
A: In today's environment, when events change often, the exponential smoothing method is optimal.…
What does the term biased mean in reference to a particular
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Under what conditions might a firm use multiple forecasting methods?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.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?
- 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?The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?
- The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?
- Do the sales prices of houses in a given community vary systematically with their sizes (as measured in square feet)? Answer this question by estimating a simple regression equation where the sales price of the house is the dependent variable, and the size of the house is the explanatory variable. Use the sample data given in P13_06.xlsx. Interpret your estimated equation, the associated R-square value, and the associated standard error of estimate.A small computer chip manufacturer wants to forecast monthly ozperating costs as a function of the number of units produced during a month. The company has collected the 16 months of data in the file P13_34.xlsx. a. Determine an equation that can be used to predict monthly production costs from units produced. Are there any outliers? b. How could the regression line obtained in part a be used to determine whether the company was efficient or inefficient during any particular month?Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semifragile, and durable. Costs for 15 randomly chosen packages of approximately the same weight and same distance shipped, but of different cargo types, are provided in the file P13_16.xlsx. a. Estimate a regression equation using the given sample data, and interpret the estimated regression coefficients. b. According to the estimated regression equation, which cargo type is the most costly to ship? Which cargo type is the least costly to ship? c. How well does the estimated equation fit the given sample data? How might the fit be improved? d. Given the estimated regression equation, predict the cost of shipping a package with semifragile cargo.