Data collected on the monthly demand for a certain product in thousands of dollars are shown in the following table. (attached) a) Using a weighted moving average with three periods, determine the demand for period 13. Use 3, 2, and 1 for the weights of the most recent, second most recent,
Data collected on the monthly demand for a certain product in thousands of dollars are shown in the following table. (attached)
a) Using a weighted moving average with three periods, determine the demand for period 13. Use 3, 2, and 1 for the weights of the most recent, second most recent, and third most recent periods, respectively
b) Find the MAD, MSE and MAPE
b) Use exponential smoothing with a smoothing constant of 0.30 to forecast the sales.
Assume that the last period’s forecast for month 1 is equal to actual to begin the procedure. Which method do you think is best? Is this an improvement over the weighted average- use MAD only
c) Use
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