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i. Find three months weighted moving averages by assuming the weights 1 0.15 W = , 2 0.36W = and 3 0.49 W = . ii. Compute the mean forecast errors. iii. Compute the mean square error

i. Find three months weighted moving averages by assuming the weights 1 0.15 W = , 2 0.36W = and 3 0.49 W = . ii. Compute the mean forecast errors. iii. Compute the mean square error

Practical Management Science
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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QUESTION THREE
(a)
The actual demand of a product for 6 months are summarized in Table below:
Actual Demand Values
Month ( ) t Demand ( ) tD
1 300
2 450
3 700
4 900
5 1200
6 1400
i.
Find three months weighted moving averages by assuming the weights 1 0.15 W = ,
2 0.36W = and 3 0.49 W = .
ii.
Compute the mean forecast errors.
iii.
Compute the mean square error

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