**Forecasting Accuracy Comparison**Forecasting method A has errors of 10, -15, 5, and 20. Forecasting method B has errors of -10, 4, 16, and -8. - The Mean Absolute Deviation (MAD) of method A is equal to [blank].- The MAD of method B is equal to [blank].Based on MAD, method [blank] is more accurate than method [blank].

Forecasting is a method of predicting the unknown. In other words, it is a step forward by looking…

Answered: Forecasting method A has errors of 10,…

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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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.
Which of the following are common metrics for measuring the relative quality of different forecasting methods? OAbsolutely Mean Mean Squared Accuracy O Mean Absolute Percent Error Mean Squared Response OMean Squared Error Mean Absolute Error (a.k.a. Mean Absolute Deviation)
The number of cases of merlot wine sold by the Connor Owen winery in an eight-year period is as follows: CASES OF MERLOT WINE 276 362 YEAR 2005 2006 2007 2008 2009 2010 2011 2012 404 462 364 506 416 382 Using an exponential smoothing model with an alpha value of 0.30, estimate the smoothed value calculated as of the end of 2012. Use the average demand for 2005 through 2007 as your initial forecast for 2008, and then smooth the forecast forward to 2012. (Round your intermediate calculations and final answer to the nearest whole number.) Answer is complete but not entirely correct. Forecast for 2012 372
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
Sales for the past 6 months at Dalworth Company are given in the following table: Month Sales July 52 August 61 September 53 October 35 November 31 December 28 What is the Mean Absolute Deviation (MAD) for August through December forecasts produced by using exponential smoothing with α = 0.4? (Note: Do not round the forecasts, and choose the closest answer.) Multiple Choice 39.64 8.75 15.28 11.94
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 3 4 8 6 7 7 Demand for Guitars 4 6 7 5 10 6 This exercise contains only parts b, c, and d. Part 2 b) Using the least-squares regression method, the equation for forecasting is (round your responses to four decimal places): Y = enter your response here + enter your response herex
The following table shows the past two years of quarterly sales information. Assume that there are both trend and seasonal factors and that the seasonal cycle is one year. Use time series decomposition to forecast quarterly sales for the next year. (Do not round intermediate calculations. Round your answers to the nearest whole number.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
A company wants to generate a forecast for unit demand for year 2017 using exponential smoothing. The actual demand in year 2016 was 120. The forecast demand in year 2016 was 110. Using this data and a smoothing constant alpha of 0.1, which of the following is the resulting year 2017 forecast value?
Which term most closely relates to associative forecasting techniques? Select one: a. time series data Ob. linear relationships Oc. the Delphi technique O d. consumer survey O e. predictor variables
Holiday Lodge The Holiday Lodge is a large hotel and casino in the Adirondacks. The relatively new hotel is two years old, and the manager is trying to develop a plan to staff the maintenance department. The hotel’s manager wants to use the two years of data below to forecast one month ahead of maintenance calls. The data is provided in the spreadsheet named HOLIDAY LODGE DATA.XLS Month Calls 1 46 2 39 3 28 4 21 5 14 6 16 7 14 8 13 9 9 10 13 11 18 12 15 13 12 14 6 15 19 16 9 17 12 18 14 19 16 20 12 21 13 22 9 23 14 24 15 Develop a forecast for month 25 using a 4 month moving average, exponential smoothing (a = 0.2) and regression. Which forecast is preferred? Why?
The monthly sales for Yazici Batteries, Inc., were as follows: Month Sales Jan 19 Feb Mar 17 21 Apr May Jun Jul Aug Sept Oct 12 15 18 15 19 20 20 This exercise contains only parts b and c. b) The forecast for the next month (Jan) using the naive method = 22 sales (round your response to a whole number). Nov Dec 20 22 The forecast for the next period (Jan) using a 3-month moving average approach = 20.67 sales (round your response to two decimal places). The forecast for the next period (Jan) using a 6-month weighted average with weights of 0.10, 0.10, 0.10, 0.20, 0.20, and 0.30, where the heaviest weights are applied to the most recent month = sales (round your response to one decimal place).

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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