Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands,demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons:Week1234ForecastMethod 10.951.050.951.20ActualDemand0.721.001.001.00Week1234ForecastMethod 20.821.200.881.17ActualDemand0.721.001.001.00The MAD for Method 1 = thousand gallons (round your response to three decimal places).The mean squared error (MSE) for Method 1 = thousand gallons (round your response to three decimal places).The MAD for Method 2 = thousand gallons (round your response to three decimal places).The mean squared error (MSE) for Method 2 =thousand gallons (round your response to three decimal places).

Answered: Following are two weekly forecasts made…

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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4. The sales (in millions of dollars) for an 18-month period are as follows. Month Sales Month Sales 1 600 600 775 10 775 3 600 11 600 4 650 12 575 700 13 625 800 14 650 550 15 600 8 775 a. Compare a three-month moving average forecast with an exponential smoothing forecast. Use a = 0.1. Which provides the better forecasts based on MSE? b. Find the forecast for the next month using the best forecast method. 2.
Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows:
i need this to study stop canceling my questions A check-processing center uses exponential smooth- ing to forecast the number of incoming checks each month. The number of checks received in June was 40 million, while the fore- cast was 42 million. A smoothing constant of .2 is used. a) What is the forecast for July?b) If the center received 45 million checks in July, what would be the forecast for August?c) Why might this be an inappropriate forecasting method for the situation
The following represents the actual demand and two different sets of forecasts using different methods. Compute the MAD for each forecasting method and determine the best method for this set of data. Year-Qtr Actual demand Forecast methos 1 MAD1 (A-F) Forecast Method 2 MAD2 (A-F) 2020-3 98 97 89 2020-4 108 110 106 2021-1 83 68 70 2021-2 100 101 102 2021-3 95 86 87 2021-4 90 94 92 2022-1 71 68 72 2022-2 104 105 106 2022-3 84 91 88 2022-4 80 93 91 2023-1 78 68 70 2023-2 120 118 122
Demand for oil changes at Garcia's Garage has been as follows: Number of Oil Changes January 44 February 49 March 66 IT April 59 May 53 June 58 59 63 Month July August a. Use simple linear regression analysis to develop a forecasting model for monthly demand. In this application, the dependent variable, Y, is monthly demand and the independent variable, X, is the month. For Janu The forecasting model is given by the equation Y=+x. (Enter your responses rounded to two decimal places) J Show Transcribed Text >. Use the model to forecast demand for September, October, and November. Here, X=9, 10, and 11, respectively. (Enter your responses rounded to two decimal places.) Forecast for the number of Oil Changes Show Transcribed Text Month September October November can you do all the parts please corrrect
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The following are monthly actual and forecast demand levels for May through December for units of a product manufactured by the Deborah Bishop Company in Des Moines: Month May June July August September October Actual Demand 105 82 110 112 108 106 130 120 Forecast Demand 100 108 97 98 108 102 105 107 November December For the given forecast, the tracking signal = MADS (round your response to two decimal places).
Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 700 2 248 3 633 4 458 5 1410 6 1588 7 1629 8 1301 9 1455 10 1989 What is the forecasts for Year 11 using the simple moving method? (show in calculations in excel file)
discuss the strategic importance of forecasting for Disney and demonstrate how Disney World systematically uses the first seven steps in the forecasting process to initiate, design and implement forecasting systems
Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: Year Year Forecast (000) 1 2 4.00 7.00 1 5.00 3 5.00 Registrations (000) a) Calculate the forecasted registrations for years 2 through 12 using exponential smoothing, with a smoothing constant (a) of 0.40 and a starting forecast of 5.00 for year 1 (round your responses to one decimal place): 2 3 4.6 5.56 4 4.00 4 5.34 11 9 10 7 8 6 5 9.00 9.00 6.00 10.00 13.00 14.00 12.00 5 4.80 6 7 6.48 7.49 8 6.89 9 8.14 10 10.08 11 11.64 12 11.79 b) Mean absolute deviation based on the forecast developed using the exponential smoothing method (with a smoothing constant (a) = 0.40 and a starting forecast of F₁ = 5.00) is response to one decimal place). registrations (round your
The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week Of August 31 September 7 September 14 September 21 September 28 October 5 Pints Used 350 370 410 381 371 378 a) The forecasted demand for the week of October 12 using a 3-week moving average = 376.67 pints (round your response to two decimal places). b) Using a 3-week weighted moving average, with weights of 0.20, 0.35, and 0.45, using 0.45 for the most recent week, the forecasted demand for the week of October 12 = pints (round your response to two decimal places and remember to use the weights in appropriate order the largest weight applies to most recent period and smallest weight applies to oldest period.)

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