E-mail: ravigor@hotmail.com Contents Introduction Some applications of forecasting Defining forecasting General steps in the forecasting process Qualitative techniques in forecasting Time series methods The Naive Methods Simple Moving Average Method Weighted Moving Average Exponential Smoothing Evaluating the forecast accuracy Trend Projections Linear Regression Analysis Least Squares Method for Linear Regression Decomposition of the time series Selecting A Suitable Forecasting Method More on Forecast
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Actual Month Demand 1 62 2 65 3 68 4 70 5 72 6 74 a. Calculate the simple 3-month moving average forecast for periods 4-6. (5 points) b. Calculate the weighted 3-month moving average using weights of 0.50‚ 0.30‚ and 0.20 for periods 4-6. (5 points) c. Calculate the exponential smoothing forecast for periods 2-6 using an initial forecast (F1) 62‚ and an of 0.30. (10 points) d. Calculate
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is the same as that of the last unit sold‚ which is the same as that which will be received for the next unit sold. A. equal to marginal revenue and average revenue B. greater than marginal revenue and average revenue C. greater than marginal revenue‚ and equal to average revenue D. less than both marginal revenue and average revenue In the case of a purely competitive firm‚ as opposed to other market structures‚ a producer can provide as much as they want at the market price
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Chapter 4: Multiple Choice Questions 1. Forecasts a. become more accurate with longer time horizons b. are rarely perfect c. are more accurate for individual items than for groups of items d. all of the above e. none of the above One purpose of short-range forecasts is to determine a. production planning b. inventory budgets c. research and development plans d. facility location e. job assignments Forecasts are usually classified by time horizon into three categories a. short-range‚ medium-range
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The D Company Final Presentation. The D Company is a camera manufacturing company started 13 years ago by three young entrepreneurs. The head office of the company is located in San Jose California and has three manufacturing facilities at Seattle for USA‚ Canada and Latin America‚ Frankfurt for Europe and Africa and Taiwan for Asia Pacific. Mission‚ Goals and Objectives: The Mission of the company is to produce world-class cameras marketed all over the world‚ produced at most optimum cost using
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take as an advantage‚ maybe getting payed to get more food and farming their own. My Claim is that Americans take certain things for Granted. My first Example that Americans take certain things for granted is Clean Water. In the United States‚ the average american household
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1. (24 points) If needed‚ additional workspace is provided on the next sheet. Doug Moodie is the president of Garden Products Limited. Over the last 5 years‚ his vice president of marketing has been providing the sales forecast using his special “focus” forecasting technique. The actual sales for the past ten years and the forecasts from the vice president of marketing are given below. |Year |Sales |VP/Marketing
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3. T F The 3 categories of forecasting models are time series‚ quantitative‚ and qualitative. 4. T F Time-series models attempt to predict the future by using historical data. 5. T F A moving average forecasting method is a causal forecasting method. 6. T F An exponential forecasting method is a time-series forecasting method. 7. T F The Delphi method solicits input from customers or potential customers regarding
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Study Guide for the Second Exam Aggregate Production Planning (APP) 1. What are the major inputs‚ constraints‚ and outputs of the aggregate production plan (APP)? 2. Does APP have to be in terms of a real product? 3. Where does APP fit in the hierarchy of plans? 4. What is a pure strategy? What is a mixed strategy? Give examples? How do we determine (judge) whether one plan is better than the other? 5. What is relevant (incremental) cost? Does it exist in accounting
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|56 |55 |60 | (a) Forecast the demand for pizza for Week 4‚ 5‚ and 6 using a naïve method. (b) Forecast the demand for pizza for Week 4‚ 5‚ and 6 using the simple moving average method with n = 3. (c) Repeat the forecast for Week 4‚ 5‚ and 6 by using the weighted moving average method with n = 3 and weights of 0.50‚ 0.30‚ and 0.20 with 0.50 applying to the most recent demand. (d) Calculate the MAD and MSE for each method. Q-2. The monthly demand for units manufactured
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