Practice with the following questions to deepen the understanding of different forecasting methods. The solutions are provided after you usethe "check" function.Thank you for trying out HSP To get started with HSP read our getting started guideActual demand for a product for the past three months was:• Three months ago 375 units• Two months ago 325 units• Last month335 unitsa. Using a simple three-month moving average, make a forecast for this month. (Round your answer to the nearest whole number.)Forecast for this monthunits.b. If 300 units were actually demanded this month, what would your forecast be for next month, again using a 3-month moving average? (Round youranswer to the nearest whole number.)Forecast for the next monthunits.c. Uning simple exponential smoothing, what would your forecast be for this month if the exponentially smoothed forecast for three months ago was425 units and the smoothing constant was 0.20? (Round your answer to the nearest whole number.)Forecast for this monthunits

Forecasting is the process of predicting the future demand according to past data and demand.

Answered: a. Using a simple three-month moving…

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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To have a stable forecasting tool when using the simple moving average method, what value of N (the number of periods) should a firm choose among the following choices? a. 3b. 2c. 8d. 6
discuss the strategic importance of forecasting for Disney and demonstrate how Disney World systematically uses the first seven steps in the forecasting process to initiate, design and implement forecasting systems
Which time-series forecasting method works best if the company assumes that product demand will decrease over time? A. Weighted moving average B. Linear trend C. Moving average D. Exponential smoothing
Which of the following is important if forecasting is to have the desired positive effect on decisions? A. Communication between forecast staff and managment B. Ranges of forecast are reported to managment C. Forecast combination is examined D Forecast presentations should not be overly technical unless managment desires E All of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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Here are the actual tabulated demands for an item for a nine-month period (January through September). Your supervisor wants to test two forecasting methods to see which method was better over this period. MONTH ACTUAL January 120 February 145 March 146 April 171 May 154 June 182 July 138 August 135 September 146 a. Forecast April through September using a three-month moving average. b. Use simple exponential smoothing with an alpha of 0.20 to estimate April through September, using the average of January through March as the initial forecast for April. c-1. Calculate MAD for Three-month moving average and Exponential smoothing. c-2. Use MAD to decide which method produced the better forecast over the six-month period.
Here are the actual tabulated demands for an item for a nine-month period (January through September). Your supervisor wants to test two moving average forecasting methods to see which one was better over this period. Month Actual Demand Jan 120 Feb 140 March 160 April 180 May 170 June 190 July 150 August 160 September 170 a. Forecast April through September using a three-month moving average and calculate MAD for the forecasts. b. Forecast May through September using a four-month moving average and calculate MAD for the forecasts.
Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 3 Value 17 12 17 (a) mean absolute error MAE = (b) mean squared error MSE = Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. 4 % 5 6 (d) What is the forecast for week 7? 10 16 15 (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE =
Stationarity in a time Series refers to A.) The size of the RMSE of a Forecasting model B) the size of Variances of the model's estimates C) a method of forecast optimization D) lack of trend in a given time Series E) None of the options are correct.
Answer this using excel on a spreads
Respond to each of the items using the following time series data. Period Demand 144 2 172 3 157 4 160 144 181 7 160 8 176 9. 149 10 183 11 182 12 149 13 153 14 164 15 153 16 104 Click here for the Excel Data File b. Compute all possible forecasts using a five-period moving average. (Round your answers to 1 decimal place.) Absolute Period Demand 5-period SMA Errors 1 144 172 3 157 4. 160 5 144 181 7 160 8 176 9 149 10 183 11 182 12 149 13 153 14 164 LO

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