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1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 12345 6 7 8 9 10 ● 700 248 633 458 1410 1588 1629 Tom is interested in implementing a forecasting system and is investigating the following forecasting methods as possibilities: ● 1301 1455 1989 Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 o If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) o If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. Present your forecast results .

1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 12345 6 7 8 9 10 ● 700 248 633 458 1410 1588 1629 Tom is interested in implementing a forecasting system and is investigating the following forecasting methods as possibilities: ● 1301 1455 1989 Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 o If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) o If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. Present your forecast results .

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 700 2. 248 3 633 458 1410 1588 1629 1301 1455 1989 6- 10 Tom is interested in implementing a forecasting system and is investigating the following forecasting methods as possibilities: Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. Present your forecast results 9°F lostly cloudy [田 DELL 456 78
Transcribed Image Text:1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 700 2. 248 3 633 458 1410 1588 1629 1301 1455 1989 6- 10 Tom is interested in implementing a forecasting system and is investigating the following forecasting methods as possibilities: Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. Present your forecast results 9°F lostly cloudy [田 DELL 456 78
A В C E G H. K M 1 Forecast 1 3. Year Number of Tourists Simple Moving Error |Error| Error |Error|% Weights Alpha Intercept 1 700 0.2 0.3 238.4 248 0.3 Slope 3 633 0.5 164.13 7 4 458 8 1410 9. 6. 1588 10 7 1629 11 8. 1301 12 1455 In Green Cells, write the name of the forecast type: Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression 13 10 1989 14 11 15 MAD MSE МАРЕ 16 P. 2. 2. 4.
Transcribed Image Text:A В C E G H. K M 1 Forecast 1 3. Year Number of Tourists Simple Moving Error |Error| Error |Error|% Weights Alpha Intercept 1 700 0.2 0.3 238.4 248 0.3 Slope 3 633 0.5 164.13 7 4 458 8 1410 9. 6. 1588 10 7 1629 11 8. 1301 12 1455 In Green Cells, write the name of the forecast type: Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression 13 10 1989 14 11 15 MAD MSE МАРЕ 16 P. 2. 2. 4.
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