Below is data of lobster sales volume from a seafood company. We're are using exponential smoothing (α = 0.5) and 3-year moving average to forecast it. a) 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, either type your work and answers or write them

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Below is data of lobster sales volume from a seafood company. We're are using exponential smoothing (α = 0.5) and 3-year moving average to forecast it.

a) 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, either type your work and answers or write them neatly on paper* 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
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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