Question: Question 1 a) What is the difference between qualitative and quantitative forecasting and give two examples of each? (10 marks) b) Explain the (i) trend,

Question 1

a) What is the difference between qualitative and quantitative forecasting and give two examples of each? (10 marks)

b) Explain the (i) trend, (ii) seasonal, (iii) cyclical, and (iv) random components of a series. Draw and label the diagram to help explain your answer. (10 marks)

c) Forecast demand for March was 950 units, but actual demand turned out to be only 820. If the firm is using a simple exponential smoothing technique with a = 0.2, what is the forecast for April? (10 marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Question 1 a) What is the difference between qualitative and quantitative forecasting and give two examples of each? (10 marks) b) Explain the (i) trend, (ii) seasonal, (iii) cyclical, and (iv)...

a) What is the difference between qualitative and quantitative forecasting and give two examples of each? b) Explain the (i) trend, ( ii ) seasonal, (iii) cyclical, and ( iv ) random components of a...

a ) i . Define Distributed system and give two examples. [ 3 5 marks ] ii . Define the publish / subscribe communication paradigm. iii. Define access right. Explain how access right is used to ensure...

I have questions on "Chapter 17 Time Series Analysis and Forecasting. The questions is in the attachment; that are problem number 29 and 30 (it is on last three pages, not the multiple choice...

In this question you will be asked to reflect on a project you have been involved in or observed, in which a design evolved, or could have evolved, through applying a theory of user behaviour. You...

DETAILS What is the maximum segment length of a 100Base-FX netdwork, The last character ('X', etc) refers to the line code method used. Line code is a patdtern of voltage, current or photons used to...

answer all questions promptly What is the maximum segment length of a 100Base-FX netdwork,Thelast character('X', etc) refers to the line code method used. Line code is a pattern of voltage, current...

This question involves the use of AGGREGATE linear PYTHOIN regression on the Auto data set. (a) Perform a simple linear regression with mpg as the response and horsepower as the predictor. Describe...

I WILL REJECT AND REPORT THE ANSWER. ANSWER ALL THE QUESTIONS IN DETAILS What is the maximum segment length of a 100Base-FX network, The last character ('X', etc) refers to the line code method used....

A 50.0 Î© resistor is connected as in Fig. 31-8 to an ac generator with &m = 30.0 V. What is the amplitude of the resulting alternating current if the frequency of the emf is? (a) 1.00 kHz...

Rest EZ Hotels, Inc., [REZ] owns and runs several well established and trendy hotels in well established tourist cities across the country. A few years ago, it bought out a motel chain, Kum-N-Go, for...

An annuity purchased with a single premium to begin providing income one payment interval in the future is called A ) a fixed annuity B ) an immediate annuity C ) a life annuity D ) a single -...

What is an example of constructive feedback? provide reference