Forecasting Models and Types of Data
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.
Sample Solution
are many potential types of errors in survey sampling. According to Groves (1989)[see 1], the survey errors can be divided into two major groups: First, the errors of nonobservation where the sampled elements use only part of the target population, and the second one is the errors of observation, where the listed data deviate from the truth. Some examples of errors of nonobservation can be ascribed to sampling, coverage or nonresponse which is going to be analysed in the later part of this report. On the other hand, examples of errors of observation can be attributed to the interviewer, respondent or method of data collection. Both of our sources of obdurate errors can vigorously affect the accuracy of a survey. However, these errors cannot be eliminated from a survey but their effects can be reduced by careful devotion to an acceptable sampling plan. Some ways to reduce those errors are: callbacks (where the interviewer calls again the nonrespondents), offer rewards and motivation for encouraging responses, train better the interviewers, scrutinise the questionnaires to be sure that the form has been filled correctly and have an accurate questionnaire construction.