Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1stquarter is Jan, Feb, and Mar, 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep, and 4th quarter Oct, Nov, Dec.JANFEBMARAPR MAYLast yearThis year130 150155215225155155205220245JUN JUL230 175250AUG SEP165 155OCT NOV DEC230 255 280Forecast for the third quarter

In operations management, Forecasting serves as a navigating tool for ships traversing uncharted…

Answered: Given the following history, use a…

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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Provide complete and detailed solution
A forecast for the first six months of the year revealed a tendency to underpredict the actual demand for the revitalized Hubig’s Pies plant in the Marigny. Month Actual Forecast January 675 600 February 720 700 March 640 620 April 510 495 May 480 410 June 565 535 What is the mean squared error of this forecast? a. 1,694 b. 1,873 c. 2,075 d. 1,469
Month Demand Forecast Error 1 20 2 18 3 21 4 25 5 24 6 27 7 22 8 30 9 23 10 20 11 29 12 22 Mean Abs Error Problem 6: The demand manager of Maverick Jeans is responsible for ensuring sufficient warehouse space for the finished jeans that come from the production plants. It has occasionally been necessary to rent public warehouse space, something that Maverick would like to avoid. In order to estimate the space requirements the demand manager is evaluating moving-average forecasts. The demand (in 1,000 case units) for the last fiscal year is shown below. Bias MAD (mean error) Month 1 2 3 4 5 6 7 8 9 10 11 12 Demand 20 18 21 25 24 27 22 30 23 20 29 22 Use a three-month moving average to estimate the month-in- advance forecast of demand for months 4-12. Calculate the Bias and MAD. (Note: Adjust all cell values to two decimal points.)
Describe when to use of a time series forecasting techniques and what assumption are made?
Given is a historical time series for job services demand in the prior 6 months. Month 1 2 3 4 5 6 Demand 799 816 789 814 815 805 The Period 6 forecast by using weighted moving average with weights of 0.05, 0.25, 0.40, and 0.30 = Blank 1 (in 2 decimal places)
Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.
Use simple exponential smoothing with a=0.6 to forecast chargers sales for February through May. Assume that the forecast for January was 24 chargers. *** Month January Charger Sales 42 February 33 March 28 April 59 May ? a) What will be the forecast for May? b) Calculate the MSE.
Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——
Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——
In a retail store, the actual sales of a particular product (in thousands of units) over the past few months are as follows: Month Sales 1 16 2 22 3 18 4 20 5 23 Using exponential smoothing method with α (smoothing constant) of 0.75 and the given forecast for month 1 equal to 10, what is the forecast for month 6?
Given the following original forecast and actual data: Month Actual Forecast Jan Feb Mar Apr May Jun Jul 600 475 550 575 688 649 ??? 400 —— 1 ??? Using exponential smoothing with a - = 0.64, what is the forecast for July. Round your answer to 2 decimal places.
Given the following historical data, what is the simple three-period moving average forecast for period 6? Period Value 1 73 2 68 3 65 4 72 5 67

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