Forecasting Models and Types of Data
The discussion assignment provides a forum for discussing relevant topics for this week based on the course competencies covered.
For this assignment, choose one of the following questions and post your initial response to the Discussion Area by the due date assigned.
To support your work, use your course and text readings and also use outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format.
Start reviewing and responding to the postings of your classmates as early in the week as possible. Respond to at least two of your classmates. Participate in the discussion by asking a question, providing a statement of clarification, providing a point of view with a rationale, challenging an aspect of the discussion, or indicating a relationship between two or more lines of reasoning in the discussion. Complete your participation for this assignment by the end of the week.
Question One: Forecasting Models and Types of Data
There are different types of forecasting models that can be used in business research. Each model is suitable for a type of historical demand data. Some data may have a trend, may be without a trend, or may be seasonal.
- How can trendless data be evaluated?
- How does a trailing-moving average compare to a centered-moving average?
- When should exponential smoothing be used for data? Explain with an example.
- In exponential smoothing, what type of smoothing constant should be chosen for little smoothing compared with moderate smoothing?
- Question Two: Research Process
The research process is a well-structured methodology that aids the manager to make an educated business decision. The most important element of this process is the source of data used. The better the data, the better the result. Data must come from a sample that is random and large enough. - What are the six stages in a research process?
- Which stage is the most difficult to complete? Why?
- Which stage is the most important? Why?
- How important is it to have accurate data?
- Justify your answers using examples and reasoning. Comment on the postings of at least two peers and whether you agree or disagree with their views.
