Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values
Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values
Contemporary Marketing
18th Edition
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Louis E. Boone, David L. Kurtz
Chapter14: Pricing Strategies
Section14.2: Forecasting Demand
Problem 1LO
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![Hospitality Hotels forecasts monthly labor needs.
(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving
average. (Round answers to 2 decimal places, eg. 15.25.)
Month Actual Values
January
February
March
April
May
35
45
40
43
46](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb263996-7a5f-4fcc-bed9-c8dd1fb64210%2F3300bfc1-3522-4e00-9cf7-6fde13c306d3%2F3d0dut_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Hospitality Hotels forecasts monthly labor needs.
(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving
average. (Round answers to 2 decimal places, eg. 15.25.)
Month Actual Values
January
February
March
April
May
35
45
40
43
46
![(d) Compare the accuracy of these models using the mean absolute deviation (MAD). (Round answers to 2 decimal places, eg. 15.25.)
MAD (3-period)
MAD (5-period)
MAD (naïve)
(e) Compare the accuracy of these models using the mean squared error (MSE). (Round answers to 2 decimal places, e.g. 15.25.)
MSE (3-period)
MSE (5-period)
MSE (naive)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb263996-7a5f-4fcc-bed9-c8dd1fb64210%2F3300bfc1-3522-4e00-9cf7-6fde13c306d3%2Fh8p20tg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(d) Compare the accuracy of these models using the mean absolute deviation (MAD). (Round answers to 2 decimal places, eg. 15.25.)
MAD (3-period)
MAD (5-period)
MAD (naïve)
(e) Compare the accuracy of these models using the mean squared error (MSE). (Round answers to 2 decimal places, e.g. 15.25.)
MSE (3-period)
MSE (5-period)
MSE (naive)
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