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School

Grand Valley State University *

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Course

366

Subject

Statistics

Date

Jan 9, 2024

Type

png

Pages

1

Uploaded by AmbassadorTreeMoose30

Report
Week 1 2 3 - 5 6 7 8 Guest 45 41 49 45 47 43 42 43 Count (in thousands) (2) Use the naive method to forecast guest count for month 4 through month 8; (b) Use a 3-week moving average to forecast guest count for month 4 through month 8; (c) Use a 3-week weighted moving average to guest count for month 4 through month 8, assuming the weights are 0.2, 0.3, and 0.5, respectively. More recent data has more weight. (d) Use exponential smoothing with a smoothing constant of 0.2 to develop forecasts for week 4 through week 8, assuming an initial forecast for guest count in thousands in week 4 is 42. e) Calculate the MAD and MSE for the naive method and exponential methods using the data from month 4 through month 8. For each criterion, which model should you use? Keep three decimal places in the calculation.
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