The manager of the Petroco Service Station wants to forecast the demand for unleadedgasoline next month so that the proper number of gallons can be ordered from thedistributor. The owner has accumulated the following data on demand for unleadedgasoline from sales during the past 10 months. Compute an exponentially smoothedforecast with an a value of .30. According to the result from Excel and/or POM-QM,the forecast for the month of January would be (type number only, two decimals)MonthOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyGasoline Demanded (gal.)8007256305006456907308101,200980 For the Petroco Service Station problem, what would your excel file thatshows exponentially smoothed forecasts with a values of .30 and .50 look like. Themean absolute deviation (MAD) computations of the two forecasts should be included inthe file.

Forecasting refers to predictions for future outcomes based on previous years' trends. In businesses…

Answered: For the Petroco Service Station…

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...

See similar textbooks

Similar questions

Forecasting method A has errors of 10, -15, 5 and 20. Forecasting method B has errors of -10, 4, 16 and -8. The MAD of method A is equal to The MAD for method B is equal to is more accurate than method Based on MAD, method
A check-processing center uses exponetial smoothing to forecast the number of incoming checks each month. the number of checks recewived in June was 40 million while the forecast was 42 million. A smoothibg constant of 0.15 is used. a) Using exponential smoothing and given a the forecast for the month of July={__} million checks received (round your response to one decimal place
Hi, I need help with solving for the following values (boxed). Thank you.
Which of the following is TRUE regarding the two smoothing constants of the Forecast Including Trend (FIT) model? Select one: a. One constant smoothes the regression intercept, whereas the other smoothes the regression slope. b. One constant is positive, while the other is negative. c. They are called MAD and cumulative error. d. Their values are determined independently. e. Alpha is always smaller than beta.
A suggested method for determining the “right” value of the smoothing constant a inexponential smoothing is to retrospectively determine the a value that results in theminimum forecast error for some set of historical data. Comment on the appropriateness of this method and some of the potential problems that could result.
The manager of the Petroco Service Station wants to forecast the demand for unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The owner has accumulated the following data on demand for unleaded gasoline from sales during the past 10 months. Compute an exponentially smoothed forecast with an a value of .30. According to the result from Excel and/or POM-QM, the forecast for the month of January would be (type number only, two decimals) Month October November December January February March April May June July 733.25 Gasoline Demanded (gal.) 800 725 630 500 645 690 730 810 1,200 980
Qualitative or judgmental forecasting models may use quantitative data. True False
answer the following question
The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week of Pints used Aug 31 360 Sep 7 370 Sep 14 412 Sep 21 383 Sep 28 371 Oct 5 371 A) The forecasted demand for the week of October 12 using a 3-week moving average = 375 B) Using the 3-week weighted moving average, with weights of 0.10, 0.35, 0.55, using 0,55 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.)
A company is introducing reusable straws in the market on the 1st of January 2022. They estimate the total market for reusable straws is approximately 3 million per year. The company expects to sell 500000 straws in the first year. There is a competitor already in the market whose sales per year is 1 million straws per year. Your group have been hired as consultants to answer the following questions: What forecasting techniques should the company use for a) sales this year b) sales next year and c) sales in the next five years? Please justify your recommendations. Please provide forecast figures from year 2 to year 5. I want step by step calculation for exponential smoothing for the year 2 to 5 forecast.
Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related to the number of television appearances by the popular group Maroon 5 during the previous month. Gershon has collected the data shown in the following table: Maroon 5 TV Appearances Demand for Guitars Y = This exercise contains only parts b, c, and d. b) Using the least-squares regression method, the equation for forecasting is (round your responses to four decimal places): + 4 2 X 5 7 5 9 7 6 7 6 10 7
Medium-term forecasts are used for making medium-term decisions related to planning for new products, capital expenditures, facility location or expansion, and research and development. True False

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS

For the Petroco Service Station problem, what would your excel file that shows exponentially smoothed forecasts with a values of .30 and .50 look like. The mean absolute deviation (MAD) computations of the two forecasts should be included the file.