Data collected on the yearly registration for a Six Sigma seminar at the Quality College are shown in the following table: Year Registrations (000) 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8 9 9 12 10 14 11 15 Develop a 4-year moving average to forecast registrations from year 5 to year 12. Estimate demand again for years 5 to 12 within a 4-year weighted moving average in which registrations in the most recent year are given a weight of 3 and 2, and registrations in the other 2 years are each given a weight of 1. Compute the forecasts for each year using exponential smoothing, with an initial forecast for year 5 of 8. Use α = 0.3. Using MAD, which of the three forecasting methods is best? Using MAPE, which of the three forecasting methods is best? Forecast registrations for year 15, using trend projection.
Data collected on the yearly registration for a Six Sigma seminar at the Quality College are shown in the following table: Year Registrations (000) 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8 9 9 12 10 14 11 15 Develop a 4-year moving average to forecast registrations from year 5 to year 12. Estimate demand again for years 5 to 12 within a 4-year weighted moving average in which registrations in the most recent year are given a weight of 3 and 2, and registrations in the other 2 years are each given a weight of 1. Compute the forecasts for each year using exponential smoothing, with an initial forecast for year 5 of 8. Use α = 0.3. Using MAD, which of the three forecasting methods is best? Using MAPE, which of the three forecasting methods is best? Forecast registrations for year 15, using trend projection.
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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Question
- Data collected on the yearly registration for a Six Sigma seminar at the Quality College are shown in the following table:
Year |
Registrations (000) |
1 |
4 |
2 |
6 |
3 |
4 |
4 |
5 |
5 |
10 |
6 |
8 |
7 |
7 |
8 |
9 |
9 |
12 |
10 |
14 |
11 |
15 |
- Develop a 4-year moving average to forecast registrations from year 5 to year 12.
- Estimate demand again for years 5 to 12 within a 4-year weighted moving average in which registrations in the most recent year are given a weight of 3 and 2, and registrations in the other 2 years are each given a weight of 1.
- Compute the forecasts for each year using exponential smoothing, with an initial forecast for year 5 of 8. Use α = 0.3.
- Using MAD, which of the three
forecasting methods is best? - Using MAPE, which of the three forecasting methods is best?
- Forecast registrations for year 15, using trend projection.
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