operations and supply chain management:
WEEK 8 HOMEWORK – CHAPTER 11
1. Qualitative forecasts and causal forecasts are not particularly useful as inputs to inventory and scheduling decisions. Why is this statement true?
2. What type of time-series components would you expect for the following products and services?
a. Monthly sales of a retail florist.
b. Monthly sales of milk in a supermarket.
c. Daily demand for telephone calls.
d. Monthly demand for newspapers.
3. What are the advantages of exponential smoothing over the moving average and the weighted moving average?
4. Is there a difference between forecasting demand and forecasting sales? Can demand be forecast from historical sales data?
5. Describe the difference between fit and prediction for forecasting models.