A retail store records customer demand during each sales period. The data has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop three-period and four-period moving average forecasts and answer the following questions. Questions 1. What is the forecast for the 13th period based on the three-period moving average? Round your answer to two decimal places. 2. What is the MSE for the three-period moving average? Round your answer to two decimal places. 4. What is the forecast for the 13th period based on the four-period moving average? Round your answer to two decimal places. 5. What is the MSE for the four-period moving average? Round your answer to two decimal places. 7. Which forecast is the best based on the MSE value?

A retail store records customer demand during each sales period. The data has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop three-period and four-period moving average forecasts and answer the following questions. Questions 1. What is the forecast for the 13th period based on the three-period moving average? Round your answer to two decimal places. 2. What is the MSE for the three-period moving average? Round your answer to two decimal places. 4. What is the forecast for the 13th period based on the four-period moving average? Round your answer to two decimal places. 5. What is the MSE for the four-period moving average? Round your answer to two decimal places. 7. Which forecast is the best based on the MSE value?

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter6: Target Markets: Segmentation And Evaluation

Section: Chapter Questions

Problem 17DRQ: Under what conditions might a firm use multiple forecasting methods?

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The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?
The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.
The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week Of August 31 September 7 September 14 September 21 September 28 October 5 Pints Used 350 370 410 381 371 378 a) The forecasted demand for the week of October 12 using a 3-week moving average = 376.67 pints (round your response to two decimal places). b) Using a 3-week weighted moving average, with weights of 0.20, 0.35, and 0.45, using 0.45 for the most recent week, the forecasted demand for the week of October 12 = pints (round your response to two decimal places and remember to use the weights in appropriate order the largest weight applies to most recent period and smallest weight applies to oldest period.)
page 4 of 19) - Google Chrome squ.edu.om/mod/quiz/attempt.php?attempt3D1245076&cmid%3663426&page%3D3 earning System (Academic) erations Management || fall20 Quiz stion 4 Mean Absolute Deviation (MAD) is the always the best in assessing a forecast model accuracy yet vered Select one: ked out of O a. True O b. False Hajir lag question 13 Next page 10 19
K The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: a) The forecasted demand for the week of October 12 using a 3-week moving average Week Of August 31 September 7 September 14 September 21 September 28 October 5 Pints Used 350 389 408 378 366 371 pints (round your response to two decimal places).
2. What is the Mean Absolute Deviation (MAD)? 3. Use the following set of data to calculate the Mean Absolute Deviation (MAD) for the following set of data. Month Actual (At) Forecast (Ft) Forecast Error Absolute (Deviation) Forecast Eror January February 45 45 42 50 March 34 45 April May 48 40 38 45 MAD =
K The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week Of August 31 September 7 September 14 September 21 September 28 October 5 - Pints Used 350 370 412 378 371 378 a) The forecasted demand for the week of October 12 using a 3-week moving average = 375.67 pints (round your response to two decimal places). b) Using a 3-week weighted moving average, with weights of 0.15, 0.30, and 0.55, using 0.55 for the most recent week, the forecasted demand for the week of October 12 = decimal places and remember to use the weights in appropriate order the largest weight applies to most recent period and smallest weight applies to oldest period.) pints (round your response to two
The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: a) The forecasted demand for the week of October 12 using a 3-week moving average = Week Of August 31 September 7 September 14 September 21 September 28 October 5 pints (round your response to two decimal places). Pints Used 345 389 408 381 371 374
The classified department of a monthly magazine has used a combination of quantitative and qualitative methods to forecast sales of advertising space. Results over a 20-month period are as follows: Month Error Month Error 1 —8 11 1 2 —2 12 6 3 4 13 4 7 14 4 5 9 15 1 6 5 16 —2 7 0 17 —4 8 —3 18 —8 9 -9 19 —5 10 —4 20 —1 a. Compute a tracking signal for months 11 through 20. Compute
What is the connection between forecasting and quality control?
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