How does the naive method forecast a seasonal time series such as sales dollars during every hour

Question:

How does the naive method forecast a seasonal time series such as sales dollars during every hour of a particular day in a fast-food restaurant?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Operations Management

ISBN: 9781259270154

6th Canadian Edition

Authors: William J Stevenson, Mehran Hojati, James Cao

See More Books

Question Posted: Aug 10, 2020 03:49 AM

See More Questions

List the steps of time series decomposition for a seasonal time series with trend.
In data involving economic time series such as GNP, money supply, prices, income, unemployment, etc., multicollinearity is usually suspected. Why?
In this chapter, you saw an example of a naive forecast. Why do you think it is given that name? Describe how the naive forecast is developed.
An object is placed on the principal axis of a concave mirror of focal length 10 cm at a distance of 80 cm from the pole. Find the position and the nature of the image.
Suppose a scientist repeats the Millikan oil-drop experiment but reports the charges on the drops using an unusual (and imaginary) unit called the warmomb (wa). The scientist obtains the following...
Insurance companies and the federal government are restricting reimbursements to health care facilities and causing these facilities to seek cost reductions and more accurate tracing of costs without...
Assuming the variables gender and response are independent, did female respondents or male respondents exceed the expected number of "neither agree nor disagree" responses? =
Suppose a five-year, $1000 bond with annual coupons has a price of $900 and a yield to maturity of 6%. What is the bonds coupon rate?
Calculate: The equivalent units of production for 2 0 2 2 for ( 1 ) materials and ( 2 ) conversion costs
A long-time Windsor Ontario business acquaintance, Doug James, who is 50 years old, has come to see you for tax advice. Although he has heard about business incorporation, the possibility of double...
Generally, how do time series models forecast?
Coal shipments from a mine for the past 18 weeks are: a. Plot the data as time series, determine the pattern, and explain why an averaging technique would not be appropriate in this case. b. Use an...
Go to Yahoo! Finance and download the ending monthly equity prices for Vodafone for the last 60 months. Use the adjusted closing price, which adjusts for dividend payments and stock splits. Next,...
"New Push Ties Cost of Drugs to How Well they Work," by Loftus, and "Pay-For-Performance is No Miracle Cure," by Pauly; the authors make an argument that tying the price of a drug to its...
Entrepreneurs/entrepreneurship is a driving force of the U.S. economy. It has also provided great personal wealth to a host of entrepreneurs, past and present, who have dared to risk all for a dream....
Select a topic (the purpose) of your choice and persuade people (the audience) o As a starting point for topic ideas, consider selling a product, advertising an event, or sharing a thoughtful article...
What is java?
Evaluate the integral. x? + x + 1 dx (x + 1)? .2
The nitrogen atoms in N2 participate in multiple bonding, whereas those in hydrazine, N2H4, do not. (a) Draw Lewis structures for both molecules. (b) What is the hybridization of the nitrogen atoms...
What is the difference between quantitative forecast methods and qualitative forecast methods?
What is the difference between quantitative forecast methods and qualitative forecast methods?
Describe the difference between short- and long-range forecasts.
September 23 for $1,050 each. On December 24 , it sold one of the diamonds that was purchased on July 9 . Using the specific identification method, its ending inventory (after the December 24 sale)...
Madsen Motors's bonds have 13 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 8%, and the yield to maturity is 10%. What is the...
Builder Products, Incorporated, uses the weighted - average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion....

How does the naive method forecast a seasonal time series such as sales dollars during every hour

Question:

Step by Step Answer:

The Nave method ...View the full answer

Operations Management

Students also viewed these Business questions