If performing a judgmental forecast for the Sales in July, based on the data available for June, which store would it be most difficult to calculate a judgmental forecast when considering the standard deviation?

Practice More Questions From: Week 2 Assessment

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Obtain the Descriptive Statistics for each of the store locations. Which of the stores has the highest standard deviation?

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Obtain the Descriptive Statistics for each of the store locations. Which of the stores has the lowest standard deviation?

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If performing a judgmental forecast for the Sales in July, based on the data available for June, which store would it be most difficult to calculate a judgmental forecast when considering the standard deviation?

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Given the background of the company in Question 1, the nature of the store locations, and the data available for June – which forecasting method would be most appropriate for a company-wide sales forecast for the month of July?

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Given the background of the company in Question 1, the nature of the store locations, and the data available for June – which forecasting method would be most appropriate for a store-specific sales forecast for the month of July?

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Given the background of the company in Question 1, the nature of the store locations, and the data available for June – which of the following statements is most likely to be true?

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Which cities are the only ones to have the exact same sales reported for at least two days in June?

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Questions 8-14 are all based on the second sheet, SubjectiveProb. This sheet presents various subjective probability assessments for various states of the world for the Sydney store.What is the value of the missing probability for “Average”.

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What is the expected value of “High” sales?

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After inputting the missing probability in Question 9, what is the expected value of sales?

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After inputting the missing probability in Question 9, what is the standard deviation of our forecast?

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What happens to the standard deviation of our forecast when the probability of “Average” Sales increases, whereas the probability of “Low” Sales and “High” Sales decreases?

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What happens to the standard deviation of our forecast when the probability of “Average” Sales decreases, whereas the probability of “Low” Sales and “High” Sales increases?

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From a planning point of view, a forecast that has a low standard deviation is preferred, as this means that the actual data is less likely to deviate from the mean forecast, compared to a forecast with a high standard deviation. In this regard, and with your answers to Question 13 and Question 14 in mind, assuming we are considering at least 3 states of the world, which of the following statements about subjective probability assessments are true?

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