a) Using a 2-year moving average, the forecast for year 6= 3800 miles (round your response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this = 108.3 miles (round your response to one decimal place). (Hint You will have only 3 years of matched data) c) The forecast for year 6 using a weighted 2-year moving average with weights of 0.40 and 0.60 (the weight of 0.60 is for the most recent period) = 3790 miles (round your response to the nearest whole number) The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.40 and 0.60= 143.3 miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data miles (round your response to the nearest whole number). d) Using exponential smoothing with a = 0.40 and the forecast for year 1 being 3, 100, the forecast for year 6 =
a) Using a 2-year moving average, the forecast for year 6= 3800 miles (round your response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this = 108.3 miles (round your response to one decimal place). (Hint You will have only 3 years of matched data) c) The forecast for year 6 using a weighted 2-year moving average with weights of 0.40 and 0.60 (the weight of 0.60 is for the most recent period) = 3790 miles (round your response to the nearest whole number) The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.40 and 0.60= 143.3 miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data miles (round your response to the nearest whole number). d) Using exponential smoothing with a = 0.40 and the forecast for year 1 being 3, 100, the forecast for year 6 =
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter11: Simulation Models
Section: Chapter Questions
Problem 54P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1: Introduction-
VIEWStep 2: Calculate Forecast as per 2-years moving average:-
VIEWStep 3: Find MAD as per 2-years moving average:-
VIEWStep 4: Calculate Forecast as per 2 years weight moving average:-
VIEWStep 5: Calculate MAD for weighted average forecast
VIEWStep 6: Calculate Forecast as per exponential smoothing:-
VIEWSolution
VIEWTrending now
This is a popular solution!
Step by step
Solved in 7 steps with 15 images
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing