**Quarterly Demand Forecasting for Smartphones****Objective:**Analyze the quarterly smartphone demand data at a retailer and forecast the demand for year 5 using Winter's model. The model involves smoothing parameters, alpha (α) = 0.05, beta (β) = 0.10, and gamma (γ) = 0.15. Evaluate the accuracy of the forecast by calculating the Mean Absolute Deviation (MAD), Mean Absolute Percentage Error (MAPE), and Mean Squared Error (MSE). Explore alternative values for α, β, and γ to achieve a lower MAD or MSE.**Data Table:**| **Year** | **Quarter** | **Demand** ||----------|-------------|------------|| 1 | I | 513 || | II | 932 || | III | 1,509 || | IV | 1,902 || 2 | I | 693 || | II | 1,163 || | III | 1,857 || | IV | 2,469 || 3 | I | 846 || | II | 1,439 || | III | 2,271 || | IV | 3,079 || 4 | I | 1,070 || | II | 1,751 || | III | 2,785 || | IV | 3,613 |**Instructions:**1. **Evaluate the Model:** - Use the given initial values for α, β, and γ to implement Winter’s model. - Calculate the MAD, MAPE, and MSE to assess forecast accuracy.2. **Optimize Parameters:** - Experiment with different values of α, β, and γ. - Identify combinations that result in lower MAD or MSE for improved forecast accuracy.**Diagrams:**- The table provides raw demand data that should be visualized using time series plots to better understand seasonal variations and trends.- Compare forecasted demand against actual demand visually to identify discrepancies.**Conclusion:**This analysis provides insights into both historical demand patterns and forecasts, which are crucial for inventory management and strategic planning in the retail sector.

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Answered: 4. Quarterly demand for smartphones at…

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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