Suppose these data show the number of gallons of gasoline sold by a gasoline distributor in Bennington, Vermont, over the past 12 weeks.Sales (1,000sof gallons)Week1.172220424186.1772181923102111151223(a) Compute four-week and five-week moving averages for the time series.4-Week5-WeekTime SeriesMovingMovingAverageForecastWeekValueAverageForecast11722204245186.172. (a) Compute four-week and five-week moving averages for the time series.4-Week5-WeekMovingAverageForecastTime SeriesMovingAverageForecastWeekValue1.1722220424518177218.1923102111151223(b) Compute the MSE for the four-week moving average forecasts. (Round your answer to two decimal places.)Compute the MSE for the five-week moving average forecasts. (Round your answer to two decimal places.)(c) What appears to be the best number of weeks of past data (three, four, or five) to use in the moving average computation? MSE for the three-week moving average is 12.58.O Three weeks appears to be best, because the three-week moving average provides the smallest MSE.O Three weeks appears to be best, because the three-week moving average provides the largest MSE.O Four weeks appears to be best, because the four-week moving average provides the smallest MSE.O Five weeks appears to be best, because the five-week moving average provides the smallest MSE.O None appear better than the others because they all provide the same MSE

Answered: (a) Compute four-week and five-week…

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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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:
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