Forecasting assienmentA clothing company wants to forecast the demand for its main product, based on the data below.Week Sales1780077253475008550900058925178140631507591011121767017442184681835413181261422040151617308002956830184183110819203203231416Management would like you to experiment with different forecasting methods, using Excel, to determinewhich forecasting method to be implemented.2. Simple moving average using Excel:2.12.2Calculate demand forecast for weeks 6-20 using 5 week simple moving average.Calculate demand forecast for weeks 10-20 using 9 week simple moving average.Plot the two simple movingon the obtained graph.Using the forecasting error measures seen in class, evaluate the forecasting error of eachmethod. Accordingly which method is better?2.3age forecasts together with the actual demand. Comment2.4

Forecasting is predicting the demand/sales in advance for future periods. Moving average forecast is…

Answered: 2. Simple moving average using Excel:…

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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Selecting from MAD, MAPD, MSE, E, and , which measure of forecast accuracy do you consider superior? Why?
FORECASTING- EXPONENTIAL SMOOTHING QUESTION 3 PERIOD АCTUAL 1 42 2 40 3 43 4 40 5 41 39 7 46 8 44 9. 45 10 38 11 40 12 a) Consider exponential smoothing forecasts using smoothing constants (a) 0.1 and 0.4
Please help with the correct answers in details: Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 3 4 5 6 Value 19 12 17 10 18 15 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a) mean absolute error MAE = (b) mean squared error MSE = (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE = % (d) What is the forecast for week 7?
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To have a stable forecasting tool when using the simple moving average method, what value of N (the number of periods) should a firm choose among the following choices? a. 3b. 2c. 8d. 6
376.98 says its wrong
Given the table below, complete the missing cell values applying the Exponential Smoothing method of forecasting and Mean Absolute Deviation. Answer also the other 2 related questions below the table. Numbers with decimal should take 2 decimal places. Actual Quarter Tonnage Unloaded 1 2 3 4 5 6 7 8 175 160 170 160 160 170 180 200 Forecast for a=3 175 175.0 170.5 167.2 165.1 166.6 170.6 Sum of absolute deviation = Absolute Deviation for a = .3 Other questions: (1) What is the MAD for a = .3? (2) Which smoothing constant would you prefer? 0.00 15.00 0.50 10.35 4.93 13.45 29.41 80.89 Forecast for a = .6 175 166.0 168.4 163.4 161.3 166.5 174.6 Absolute Deviation for a = .6 0.00 15.00 4.00 8.40 3.36 8.66 13.46 25.38
Month Demand Forecast Error 1 20 2 18 3 21 4 25 5 24 6 27 7 22 8 30 9 23 10 20 11 29 12 22 Mean Abs Error Problem 6: The demand manager of Maverick Jeans is responsible for ensuring sufficient warehouse space for the finished jeans that come from the production plants. It has occasionally been necessary to rent public warehouse space, something that Maverick would like to avoid. In order to estimate the space requirements the demand manager is evaluating moving-average forecasts. The demand (in 1,000 case units) for the last fiscal year is shown below. Bias MAD (mean error) Month 1 2 3 4 5 6 7 8 9 10 11 12 Demand 20 18 21 25 24 27 22 30 23 20 29 22 Use a three-month moving average to estimate the month-in- advance forecast of demand for months 4-12. Calculate the Bias and MAD. (Note: Adjust all cell values to two decimal points.)
14 Community General Hospital finds itself treating many bicycle accident victims. Data from the last seven 24-hour periods is shown below: Day Bicycle Victims 1 8 2 14 3 8 4 14 5 18 6 15 With an alpha value of 0.31 and a starting forecast in day 3 equal to the 21 , what is the exponentially smoothed forecast for day 4? (Round to two decimal places) 15 What is the exponentially smoothed forecast for day 5? (Round to two decimal places)
Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: Year Year Forecast (000) 1 2 4.00 7.00 1 5.00 3 5.00 Registrations (000) a) Calculate the forecasted registrations for years 2 through 12 using exponential smoothing, with a smoothing constant (a) of 0.40 and a starting forecast of 5.00 for year 1 (round your responses to one decimal place): 2 3 4.6 5.56 4 4.00 4 5.34 11 9 10 7 8 6 5 9.00 9.00 6.00 10.00 13.00 14.00 12.00 5 4.80 6 7 6.48 7.49 8 6.89 9 8.14 10 10.08 11 11.64 12 11.79 b) Mean absolute deviation based on the forecast developed using the exponential smoothing method (with a smoothing constant (a) = 0.40 and a starting forecast of F₁ = 5.00) is response to one decimal place). registrations (round your
Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.
Here are the actual tabulated demands for an item for a nine-month period (January through September). Your supervisor wants to test two moving average forecasting methods to see which one was better over this period. Month Actual Demand Jan 120 Feb 140 March 160 April 180 May 170 June 190 July 150 August 160 September 170 a. Forecast April through September using a three-month moving average and calculate MAD for the forecasts. b. Forecast May through September using a four-month moving average and calculate MAD for the forecasts.

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