Describe the uses of qualitative, time-series, and causal forecasts.
Answer to relevant QuestionsQualitative forecasts and causal forecasts are not particularly useful as inputs to inventory and scheduling decisions. Why is this statement true? A candy store has sold the following number of pounds of candy for the past three days. Assuming α = .4, A0 = 16, and MAD0 = 1, complete the following table. The Handy-Dandy Department Store had forecast sales of $110,000 for the last week. The actual sales turned out to be $130,000. a. What is the forecast for this week, using exponential smoothing and α = .1? b. If sales this ...The SureGrip Tire Company produces tires of various sizes and shapes. The demand for tires tends to follow a quarterly seasonal pattern with a trend. For a particular type of tire the company’s current estimates are as ...A school district has forecast student enrollment for several years into the future and predicts excess capacity for 2000 students. The school board has said that the only alternative is to close a school. Evaluate.
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