Gasoline sales Times Series   week sales (1000s of gallons 1 17 2 21 3 19 4 23 5 18 6 16 7 20 8 18 9 22 10 20 11 15 12 22 7)Refer to the gasoline sales series data above table 6.1 i)compute four week and five moving average for the time series ii)compute the MSE for four-week and five-week moving average forecasts iii) what appears to be best number of weeks past data (three, four or five) to use in the moving average computation? Recall that MSE for the three-week moving average is 10.22.

Q: The table shows the values found in the error analysis.  What method of forecasting would be best to…

A: Here, given the data stated below  For each method, I have been given the MSE value and forecast…

Q: Suppose the following actual and forecast values for June bed demands have been recorded. Year…

A:

Q: The following table gives the number of pints of type A blood used at Damascus Hospital in the past…

A: Forecast for period t = sum of actual value for period (t-1)+(t-2)+(t-3)3   This is nothing but the…

Q: The following table gives the number of pints of type A blood used at Damascus Hospital in the past…

A: where,

Q: Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550…

A: Weighted moving average means put more weight on recent data than past data.It helps the traders to…

Q: c) If the forecasted demand for the week of August 31 is 350 and a=0.20, using exponential…

A: Calculation of the forecast of each of the week by exponential smoothing method using the formula…

Q: Determine the Forecast Error for the data below using the Mean Absolute Percentage Error (MAPE)…

A: Error = Demand - Forecast  Absolute Error = Positive value of Error Percent Error = (Absolute error…

Q: There are two general methods to forecasting:Even, what is their meaning?

A: The organization's forecasting is critical. External forces are used to forecast, and a few…

Q: K- The following table gives the number of pints of type A blood used at Damascus Hospital in the…

A: Given data is

Q: a) Apply moving average and exponential smoothing to generate two forecasts of the closing price for…

A: Part (a):We applied the moving average and exponential smoothing to generate forecasts of the…

Q: The owner of Leisure Boutique in a local mall is reviewing their forecasting model for errors.…

A: To find: The cumulative forecast error. Formula used: The error in forecast is obtained by, E=A-F…

Q: 14.5. For the data in Exercise 14.4, use an a of 0.1 to make a forecast for July F= Ft-1 + 0.1(At-1-…

A: Given-

Q: Month Demand Forecast Error Abs Error 1 43 23 52 44 4 57 5 43 6 48 7 Sum Mean Bias MAD When using a…

A: Month Demand1432523444575436487

Q: a. Compare a three-month moving average forecast with an exponential smoothing forecast. Use a = .1.…

A: Forecasting is the process of predicting the future demand based on the previous data or demand.

Q: Month 1 2 3 4 5 6 7 8 9 10 Sales 835 Forecast 1 Forecast 2 MAPE F1 MAPE F2 845 850 820 785 840 815…

A: Forecast for 10 months is provided using 2 methods:

Q: FORECASTING- EXPONENTIAL SMOOTHING QUESTION 3 PERIOD ACTUAL 1 42 40 3 43 4 40 41 39 7 46 8 44 9. 45…

A: In the question, we have time-series data, Actual data are presented over 11 periods, I would use…

Q: snip

A: The quantitative forecasting models are generally used for shorter-term decision making when…

Q: My question is: How do you Calculate a moving average forecast using the last 2 and 4 dates of stay.…

A: A moving average, which is the average of any subset of values, is a method for gaining a general…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.