an estimate that was very close to the actual time of arrival. Considering these factors are essentielinformed estimates by the entrepreneur. Since the business he/she is venturing hasn't started vet oimportant that these factors affecting forecasting will be determined to better help him/her in making the bestdecisions for the business.B: Semantic WebDirections: Read the notes sent to your group chat entitled "Factors affecting forecasting revenues " thenexplain each factor using the semantic web below.o eongYAProcessing Question:1. Why is it important for an entrepreneur to determine the factors affecting forecasting revenues?

Forecasting Revenues: Forecasting revenues is the process of calculating the future revenue of the…

Answered: an estimate that was very close to the…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 29P: The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building...

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Under what conditions might a firm use multiple forecasting methods?
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 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 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_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_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_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?
why forecasting is needed in business a. to ascertain resource requirements b. to project profit c. to identify business scenarios d. all of the above
How do you evaluate a forecasting model please use a hypothetical example?Why would you use mean absolute deviation as opposed to the mean average?3. Describe a specific scenario of how you would use a pro forma financial statement?4. List and describe three time series models, and explain when would you use it? (be specific)
You manager gave you February 2021 actual sales and sales forecast. This is the only raw data you have access to. Which of the following is the most appropriate technique for forecasting March 2021's sales? a.Simple moving average b.Exponential smoothing c.Causal relationship forecasting d.Simple linear regression e.Weighted moving average
A reputable FMCG company is holding its Annual Sales Conference on January 30th 2021 for its New Year sales plan. The company is interested in launching new product beside its existing product lines. The new product will be novel in the history of the company. 1. Discuss the techniques of forecasting that will be used by the company for its existing and new products.2. Explain specific type and reason for using those techniques. Also identify the limitations of these techniques. Answer should be explaining about new product of FMCG company in details (do not expalin genral it should be specific)
A reputable FMCG company is holding its Annual Sales Conference on January 30th 2021 for its New Year sales plan. The company is interested in launching new product beside its existing product lines. The new product will be novel in the history of the company. 1. Discuss the techniques of forecasting that will be used by the company for its existing and new products.2. Explain specific type and reason for using those techniques. Also identify the limitations of these techniques.

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