Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α = 0.5) and 3-year moving average to forecast it. a. Please fill the blanks above and write your processes below. b. What are the mean absolute deviations (MADs) of the two methods? Which method will you choose based on the results?
Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α = 0.5) and 3-year moving average to forecast it. a. Please fill the blanks above and write your processes below. b. What are the mean absolute deviations (MADs) of the two methods? Which method will you choose based on the results?
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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Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α = 0.5) and 3-year moving average to
a. Please fill the blanks above and write your processes below.
b. What are the mean absolute deviations (MADs) of the two methods? Which
method will you choose based on the results?
*Please solve for a-b and type or write all your work/steps and answers on paper* NO EXCEL, thank you
![Table 3: Lobster Sales (Million Lb)
Year Sales Volume Exponential Smoothing (a = 0.5) 3-year moving average
2012
40
2013
48
2014
44
2015
46
2016
57
2017
41
2018
52
2019
48
2020](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5391f639-2593-45e7-9e08-2b691dd8541b%2Fdd73e817-a242-45e5-9207-23223f12a517%2F7l2horm_processed.png&w=3840&q=75)
Transcribed Image Text:Table 3: Lobster Sales (Million Lb)
Year Sales Volume Exponential Smoothing (a = 0.5) 3-year moving average
2012
40
2013
48
2014
44
2015
46
2016
57
2017
41
2018
52
2019
48
2020
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