A resort cum restaurant spot in the area of Gazipur is open on the days of the week. The manager hopes to improve resources availability and scheduling of part-time employees by forecasting visitors number in the next week. Data on visitors of recent 6 weeks at the spot has been tabulated and shown in the following table: Week Sat Sun Mon Tue Wed Thu Fri 1 203 71 65 57 61 105 290 2 191 70 59 58 62 98 278 3 228 76 68 62 65 124 311 4 212 72 64 59 63 111 299 5 215 73 66 59 64 113 304 6 205 72 60 61 59 109 295   Which is the best technique to forecast visitors in the spot? Explain.  Find forecasting equation or seasonal relatives.  3.Forecast expected numbers of visitors in the resort on week 7 and in the days of the week 7.

Q: Using a 3 period moving average, what is the forecast for day 8?

A: 3 period moving average is a forecasting model which helps to identify the forecast as the average…

Q: A restaurant wants to forecast its weekly sales. Historical data (in dollars) for fifteen weeks are…

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Q: Freight car loadings over an 18-week period at a busy port are as follows:   Week Number Week…

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Q: 1.    Food trucks have become a common sight on American campuses.  They serve scores of hungry…

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Q: I using the multiplicative seasonal model, the demand level for George's sailboats in the spring of…

A: Multiplicative seasonal method is a model of forecasting technique that using in seasonal adjusted…

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A: ANSWER IS AS BELOW:

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A: Given Information: Y = 300 X + 500.

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A: The detailed solution is given in Step 2.

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A: Solution

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A: Ans) Formula:

Q: The number of guests registered in a five star hotel for last ten years is shown in the following…

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Q: Below you are given the first five values of a quarterly time series of sales. Year Time Series…

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Q: Period Actual Sales 1 500 2 540 Answer the following two questions using it. 3 5 620 4 690 820 Using…

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A: given,

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.