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?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
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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
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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