2GMTN Zambiall78%3:31 PM< OperationsManagement_HW1..4.14 Following are two weekly forecasts made by two dif-ferent methods for the number of gallons of gasoline, in thousands,demanded at a local gasoline station. Also shown are actual demandlevels, in thousands of gallons:ForecastsWeekMethod 1Method 2Actual Demand0.900.800.7021.051.201.0030.950.901.0041.201.111.00What are the MAD and MSE for each method?Download-(1.009 9KB)Comments (0)SendMore

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Answered: 2G MTN Zambia ll 78% 3:31 PM <…

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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D.) compute MAPE for each data set. Which forecast appears to be more accurate?
ABC Inc. sells patio sets. Monthly sales for a seven-month period were as follows: Month Sales (000) Unites Feb 19 Mar 18 Apr 15 May 20 Jun 18 Jul 22 Aug 20 Forecast September sales volume using a five-month moving average approach.
Problem 3-22 (Algo) Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows:
b. Prepare forecasts for June through September by using an exponential smoothing model with α = 0.4. Assume that the forecast for May was 2,100 (enter your responses rounded to the nearest whole number). Month March April May June July August September March April May June Demand Demand 120 2,030 1,110 4,210 3,260 5,830 c. Prepare forecasts for June through September by using an adjusted exponential smoothing model with α = 0.4 and ß = 0.2. Assume that the unadjusted forecast for May was 2,100 and the trend factor T₁ for May was 900 (enter your responses rounded to the nearest whole number). Month 120 2,030 1,110 4,210 Forecast 2,100 1704 2707 2928 4089 2,100 1,704 Unadjusted forecast Adjusted forecast
Please answer all three subparts with explanation. I will really really upvote. Thanks
Part C Exponential Exponential Gasoline Demand Gasoline Month smoothed forecast smoothed forecast Exponential smoothed forecast (a = 0.25) Demand (a = 0.25) (a = 0.45) Exponential smoothed forecast (a = 0.45) Mar 900 920 920 1200 Apr May 755 915.00 911.00 1100 1000 650 875.00 840.80 g20 915.00 846 80 755 818.75 754.94 904.76 835.12 Jun 550 818.75 754.94 800 320 751.56 66272 645.74 746.83 Jul 625 751.56 662.72 650 600 550 Aug Sep 730 719.92 645.74 820 722.44 683.66 400 D Oct 1100 746.83 745.01 200 1 Nov 835.12 904.76 Mar Apr May Jun Jul Aug Sep Oct Nov 1. Make a comparative analysis out of your answers in the plotted data. (3-5 5 sentences)
The following gives the number of pints of type Bblood used a t Woodlawn Hospital in the past 6 weeks: a) Forecast the dema nd for the week of October 12 using a3-week moving average.b) Use a 3-week weighted moving average, with weights of .I , .3,and .6, using .6 for the most recent week. Forecast demand forthe week of October 12.c) Compute the forecast for the week of October 12using exponentialsmoothing with a forecast for August 31 of 360 and a = .2
*** Can you please demonstrate how to do parts d, e, f? Given: Year Demand 1 7 2 9 3 5 4 9 5 Predict the value for Year 5: 2 year moving average What is MSE for 2 year moving average? 2 year moving average using 0.6 (weight for the oldest period) and 0.4(weight for most recent period Exponential smoothing, =0.2 and forecast for Year 1 = 5 Linear trend Which forecast method has the least amount of error using MAD? What is the coefficient?
OQ5

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