From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the…


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From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the… 1 answer below » From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario. Now, assume you have acquired some time series data that would enable you to make forecasts. Ascertain the quantitative technique that will provide you with the most accurate forecast. When deciding whether or not to outsource offshore, list the key factors aside from maximizing profits that managers should consider. Determine the key factors that you believe to be the most influential. View complete question » From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario. Now, assume you have acquired some time series data that would enable you to make forecasts. Ascertain the quantitative technique that will provide you with the most accurate forecast. When deciding whether or not to outsource offshore, list the key factors aside from maximizing profits that managers should consider. Determine the key factors that you believe to be the most influential. Document Preview: ECO550 Week 3 Scenario Script: Using Techniques to Forecast Variables of Interest to Business and Foreign Exchange
Slide #
Scene
Narrations
Slide 1
Scene 1
An older cottage style family run business (Katrina’s Candies)
Slide 2
Scene 2
Herb and Renee are in Renee’s office discussing how to select and use forecasting techniques to forecast the behavior of variables Katrina uses to make decisions.
Display:
Regression output for the model.
ECO550_3_2_Herb-1: Good Morning, Renee!
ECO550_3_2_Renee-1: Good Morning, Herb! We should get started because I have another meeting following our meeting. What progress did you and Maria make at your session? I saw your email; however, I’ve been too busy to read it.
ECO550_3_2_Herb-2: No problem, Renee! I will give you an update now. Maria and I made a lot of progress considering we had to revise the model you and I developed.
ECO550_3_2_Renee-2: Revise the model, Why?
ECO550_3_2_Herb-3: Let me explain. The first revision occurred before we estimated the model. Maria was unable to find prices for bottled-water and unable to get data on the number of buyers of sugar-free-chocolate. Maria, however, located proxy data for both of these independent variables; as a result we estimated the demand model you and I formulated using some proxy data.
ECO550_3_2_Renee-3: That’s good news; otherwise, we would have had to reformulate the entire model.
ECO550_3_2_Herb-4: I was quite impressed that Maria made the extra effort to find proxy data to use in order to estimate the demand model. However, after estimating the model and evaluating the significance of regression coefficients, we had to drop caffeinated coffee and bottled-water from the model; as the results were insignificant for both variables. We also added a dummy variable to capture the supply of Katrina’s sugar-free-chocolate on the demand for Katrina’s regular chocolates.
ECO550_3_2_Renee-4: So, did the modifications that were made to the model make a… Attachments: ECO550-Week-3….docx View less » Oct 18 2015 07:08 PM

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