This is Hyndmans Forecasting Principles and Practices paper also based on Demand Driven Forecasting. The paper further explains the difference between forecasting categories.
Hyndmans Forecasting Principles and Practices- Demand Driven Forecasting
ANSWER EACH QUESTION INDIVIDUALLY, do not use essay format.
1. For this first question, start by going to the following hyperlink and downloading the free book on Forecasting Principles and Practices 2nd ed. by Hyndman. Next, skim through the first chapter and then flip through the remainder of the book at your own pace. Respond in the space below by telling a little about what you learned and what you might be able to learn on your own time as you make a personal commitment to read on at a future date.
2. This question focuses on Chapter 2 in your textbook; What is Demand Driven Forecasting. In the space below describe what are the important concepts that you need to remember regarding the fundamentals of Demand Driven Forecasting. Think carefully about the following as you form your answer:
Why forecasting is important to businesses?
To begin with what are some of the traditional forecasting methods employed in business and why they don’t work well?
Then what exactly is Supply-Driven Forecasting?
Also, what exactly is Demand Driven Forecasting?
Explain the following formula and what does it have to do with forecasting accuracy?
Forecast = Trend t–1 + Seasonality t–1 + Cyclical t–1 + Causal Factor(s)t–1 + Unexplained Variance (p. 81)
Hyndmans Forecasting Principles and Practices- Demand Driven Forecasting
3. In Chapter 3 you were introduced to an Overview of Forecasting Methods. You will have learned that there are two broad categories of forecasting. Review both of these methods and then explain:
How these two forecasting categories differ?
The principle forecasting methods employed in each category?
Advantages, disadvantages, and relative effectiveness of each method?
4. In Chapter 3 there was an introduction to an Overview of Forecasting Methods. You will have learned that there are two broad categories of forecasting. Review both of these methods and then explain:
How these two forecasting categories differ?
The principle forecasting methods employed in each category?
Advantages, disadvantages, and relative effectiveness of each method?
Hyndmans Forecasting Principles and Practices- Demand Driven Forecasting
5. This question references chapter 5 in your textbook: Quantitative forecasting Methods Using Time Series Methods. Briefly explain the following Quantitative Time Series methods and give an example of when each method would be most appropriately applied:
Firstly, moving Averages
Secondly, exponential Smoothing
Thirdly, single Exponential Smoothing
Lastly, holt’s Two-Parameter Method
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