8.) Create an exponential smoothing model that minimizes the MSE for the data set. Use Solver to determine the optimal value of α. What is the optimal value of α? Prepare a line graph comparing the exponential smoothing predictions against the original data. What are the forecasts for the next 2 years using this technique? Year Sales 1 283 2 288 3 336 4 388 5 406 6 412 7 416 8 435 9 428 10 435 11 462 12 452 13 474 14 476 15 497 16 487 17 523 18 528 19 532 20 552

Q: 4, The accompanying dataset provides the closing prices for four stocks and the stock exchange over…

A: Date A B C D Stock Exchange 9/3/2010 127.07 18.54 20.84 15.44 10,536.56 9/7/2010 124.84 18.21…

Q: 2. Seasonality Index table Period Year Seasonality Index (SI) 2021-period 1 2021-period 2…

A: Since the first question is incomplete we have answered the second question with the available data…

Q: Below is a table containing data on product demand for the most recent three months along with the…

A: MAPE - is a statistical measure of how accurate a forecast system is. It measures this accuracy as a…

Q: The Wellington company wants to develop a simple linear regression model for one of its products.…

A:

Q: Week 1 2 3 4 5 6 Value 19 14 16 11 18 14 . Construct a time series plot. Time Series Value 20 F10 4…

A: 1) plot 1 horizontal b) Time period Actual Value(A) Moving avg. Forecast(F) Forecast error…

Q: (4-b). Use simple exponential smoothing with α = 0.6 to forecast the tire sales for September…

A: Forecasting sales refers to the prediction of future sales using previous data to estimate the…

Q: The following time series shows the sales of a particular product over the past 12 months. Month…

A: The time series shows the sales of a particular product over the past 12 months is given as follows:…

Q: 7. Using both time series methods of forecasting, predict the number of meals that should be…

A: Find the Given details below:

Q: The MAD for Method 1= _____ thousand gallons (round response to three decimal places)

A: Demand is the amount of quantity of goods and services for which the people are willing to pay at…

Q: The following tabulations are actual sales of units for six months. (assume F1 = A1) a. Calculate…

A: Exponential smoothing is determined with following formula: Current forecast = α * Actual cost of…

Q: The following tabulations are actual sales of units for six months and a starting forecast in…

A: Forecasting plays an essential role for marketing and sales departments to create successful…

Q: Consider the data below for the sales of widgets: 1. Using seasonal percentages or seasonal indexes,…

A: Here, for the year 4, the annual widgets sales are 1500I will determine the seasonal index for each…

Q: The following tabulations are actual sales of units for six months. (assume F1 = A1) a. Calculate…

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A: The mean absolute deviation (MAD) of the two forecasting techniques can be compared to see which…

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A: The seasonal demand for last 4 years is given below:Forecasted demand for Year 5 = 685

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A:

Q: The MAD for Method 1​ = enter your response here thousand gallons ​(round your response to three…

A: Forecasting is a technique used to predict future outcomes on the basis of past data. In business…

Q: Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown…

A:

Q: A. Find the tracking signal for each month. B. Does the model provide acceptable answers!

A: Step 1:To find the tracking signal for each month, we can use the following formula:Tracking Signal…

Q: Predict the number of requests for week 6 using each of these methods: a. Naive b. A four-period…

A: Forecasting means predicting in advance on the basis of different variables and factors. It has to…

Q: a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.)

A: The given details below:

Q: Month 1 2 3 4 5 6 7 8 9 10 Sales 835 Forecast 1 Forecast 2 MAPE F1 MAPE F2 845 850 820 785 840 815…

A: Forecast for 10 months is provided using 2 methods:

Q: 160 # 10 You have been given more data on the correlation between average snow fall and plow days.…

A: The question is related to Forcasting. As per least square method. The equation will be:  The…

Q: Consider the following time series. Quarter Year 1 Year 2 Year 3 70 67 61 48 40 50 3 57 59 52 4 77…

A: As requested, I have solved the (b) and (c) part. Kindly refer to Step 2 and 3 for the solution.

Q: discuss the strategic importance of forecasting for Disney and demonstrate how Disney World…

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Q: a. Mean absolute error. If required, round your answer to one decimal place. b. Mean squared error.…

A: Given time series data stated below, for this stated data, I would use a naive forecasting…

Q: 3. The following data show the number of issues from Initial Public Offerings (IPOS) from 1985…

A: To use exponential smoothing, we need to first define a formula and its variables. Our number of…

Q: The following tabulations are actual sales of units for six months and a starting forecast in…

A: Simple exponential smoothing is the part of time series of the forecasting method. It is calculated…

Q: Use Holt’s method to create a model that minimizes the MSE for the data set (see picture attached).…

A: Find the given details below:Note that, here initial alpha, beta, and trend values are not provided…

Q: answer the following question

A: Find the Calculations below:    3 Period Moving Average:

Q: 35 The last seven weeks of demand at a new car dealer are shown below. Use a three-period…

A: Step 1:Calculate weighted moving average ForecastWMA = (3*sales (7)) + (2*sales (6)) + (1*Sales (5))…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.