Why is reliable forecasting so important for businesses using a continuous replenishment inventory system?
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: Explain how do we measure accuracy of a forecasting model
A: We utilize the following criteria to determine a prediction model's efficiency:
Q: Give three example of unethical conduct involving forecasting and the ethical principle each…
A: Deceptive conduct is an activity that falls outside of what is considered ethically right or…
Q: Explain what happens to the ability to forecast for epriods farther into the future
A: The forecast is a strategy used to produce informed projections on the prospects for future trends…
Q: What is the essence of forecasting in Operations Management?
A: Anticipating or forecasting is the way toward making expectations of things to come dependent on…
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 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: No single forecast methodology is appropriate under all conditions True or false?
A: Answer: What is Forecasting: Forecasting is an attempt to predict future events which will be used…
Q: Explain quantitative forecast methods?
A: The quantitative method of forecasting uses numerical and prior effects to predict the possible…
Q: Although a demand forecast is usually not accurate, managers must forecast demand. In this context…
A: The answer is as below:
Q: Forecasting is critical in modern times. It is believed that it started as a consequence of the…
A: BUSINESS FORECASTING is a gauge or expectation of future advancements in business like deals,…
Q: When a business is started, or a patent idea needs funding, venture capitalists or investment…
A: A profitability forecast is a set of figures included in a business plan. The result of forecasting…
Q: Short term forecast can be used for the following operation.
A: Short term forecastUp to 1 year, usually less than 3 monthsPurchasing, job planning, staff levels,…
Q: Three months ago Two months ago Last month 400 units 350 units 320 units a. Using a simple…
A: Exponential smoothing is a forecast method based on time series with focus on uni-variate data.…
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: Explain what are the benefits of exponential smoothing over moving average forecasting
A: The table below gives a prediction of the advantages of moving average over exponential smoothing.
Q: Do you think that hard rock cafe makes use of time horizons when forecasting explain with 3 points.
A: The three types of forecasting time horizons are, 1. Long range forecasting: A long range…
Q: What should be our forecast accuracy target if there is a high degree of volatility in customer…
A: Forecasting is the process of estimating the future demand according to the historic or previous…
Q: Develop an appropriate forecast model for bookstoremanagement to use to forecast computer demand for…
A: Forecasting is an indispensable method of managing sales by evaluating the future demand for…
Q: When a new business is started, or a patent idea needs funding, venture capitalists or investment…
A: Business Forecasting is important for both startups as well as existing businesses. The new age…
Q: Discuss what factors must you consider when forecasting the demand of Proton cars in planning future…
A: Various factors that should be considered while forecasting the demand of Proton cars in panning…
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: what are the benefits of exponential smoothing forecasting?
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: How do you forecast a department or service area such as a pet store
A:
Q: Give three examples of unethical conduct involving forecasting and the ethical principle each…
A: Forecasting is the planning process that helps to predict the future demand using present or past…
Q: snip
A: The quantitative forecasting techniques require the past relevant data, the absence of this makes…
Q: What effect has improved forecasting had on inventory and capital requirements?
A: Forecasting is a strategy in which a company makes preparations based on previous and historical…
Q: Apply collaborative techniques to forecast demand.
A: Collaborative forecasting is the process for collecting and reuniting the information from different…
Q: Forecasting and Demand Management process in a mining industry
A: Forecasting process - Forecasting is the process of making predictions of the future based on past…
Q: With this regard, critically examine the role of forecasting in ensuring proper management of…
A: Forecasting is the process of estimating the relevant events of the future, based on the analysis of…
Q: Often, firms will work with their partners across the supply chain to develop forecasts and execute…
A: The supply chain is a network of all individuals, organizations, services, practices and…
Q: Explain why is accurate forecasting so important to companies that use a continuous replenishment…
A: Forecasting is the practice of making future assumptions based on historical and current data, most…
Q: What part does forecasting play in maintaining good customer order management?
A: Demand forecasting analyzes how much product your customers are likely to want during a specific…
Q: Explain Explain the collaborative planning, forecasting, and replenishment (CPFR)?
A: Collaborative planning, forecasting, and replenishment (CPFR) technique - It is a technique which…
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: Forecasting follows seven basic steps. What are they?
A: Forecasting is a tool that allows educated predictions using historical data as inputs that are…
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: answer the following questions. 1. What is the forecast for the 13th period based on the single…
A: Error = Actual - Forecast
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…
Q: How can you evaluate the accuracy of a forecast model? explain in detail
A: Forecasting is the process of making assumptions of the future on the basis of past and present data…
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- Under what conditions might a firm use multiple forecasting methods?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?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 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 should Sharon do in this situation?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?