James and Maddie work for Statesboro Toolworks. Their boss Jenny tells them that she will promote the person who has the best possible forecast for the firm's DG5-S electric tool. Jenny emailed them the demanddata from 10 days worth of sales and then asked each to create a forecast for the next 10 days. The table below shows (1) Actual Demand data (2nd Column), James forecast (3rd column), and Maddie's forecast (4thcolumn). Calculate which of the two has the more accurate forecast. Who gets the promotion? The combatant's forecasts and the actual egg production are shown in the table. Which forecaster was more accurate andshould be hired as a result of his performance on this trial?Day 1Day 2Day 3Day 4Day 5Day 6Day 7Day 8Day 9Day 10Forecast Forecast(James) (Maddie)102102107106 105113115 113109118124119142136130154 148142166 160154181 174167198190182206 202195ActualFinal solution:The person who gets the promotion will be:What is Maddie's MAPE?What is James' MAD and CFE?

MAD is the average of absolute forecasting error values. CFE is the cumulative vaue of error values.…

Answered: James and Maddie work for Statesboro…

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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Below is the actual demand for electrical boxes for Abco Electric for the last nine periods along with a forecast. A) Complete the Mean Absolute Deviation for this forecast. B) Complete an additional forecast for periods 4-12 using a weighted moving average of your choice. Change the title to describe your method. C) Calculate the MAD for your forecast. D) In the text box below put your comment comparing the accuracy of your forecast versus the one given in A. Was your method more accurate? Why or why not? Use whole numbers for all forecasts. Use ONE decimal place for the MAD calculations. Period Demand Naïve Method Error (e) MAD Your Title here Your MAD 1 855 Abs e Abs e 2 910 3 930 4 890 930 5 935 890 6 980 935 7 1020 980 8 960 1020 9 905 960 10 895 905 11 955 895 12 820 955 MAD D. Your comment on Forecast Accuracy:
You have a data set that includes time period and past sales data, and you want to use a time series forecasting technique. Which of the following forecasting methodologies is considered a time series forecasting technique? a.Group of answer choices b.Delphi method c.Simple movement smoothing d.Weighted moving average e.Simulation f.Exponential averaging
4. What is the difference between trend and seasonality in time series data? 5. Here are the errors associated with a particular forecast over the past 5 months, in chronological order: 5, 10, -15, 0, 8. In which month was the forecast perfectly accurate? In which month was the forecast the least accurate? In which month or months was the forecast too high? (Noteshaper Ramp Up # 23) 6. Tutoring Center needs to allocate tutors this week for office appointments, so it needs to forecast the number of students who will seek appointments. The director has gathered the following time series data recently: Time Period Code Student Appointments Jan 6 - 10 95 Jan 13 - 17 80 Jan 20 - 24 65 Jan 27 – 31 4 50 a) What is the naïve forecast for the number of student appointments for Time Period 5 (Feb 3– 7)? b) What is the 2 week moving average for Time Period 5? c) What is the 3 week moving average for Time Period 5? d) What is the forecast for Time Period 5 using exponential smoothing with alpha =…
The following are the sales figures for 2018 through 2020 for a product. Data for ayear is available in two halves of the year, months January through June, and thenJuly through December (Half-year 2). Suppose we are interested in setting up a forecasting model using the exponentialsmoothing method for stationary processes with seasonality.a) Initialize the system based on the data provided for 2018 and 2019.b) Suppose the smoothing factors are ?= 0.1 and ?= 0.1. Forecast and update forthe first half of 2020 and then the second half of 2020 by incorporating the sales forthe first half of 2020 . Calculate the MAD based on 2020actuals and forecasts.c) Forecast sales for the two halves of 2021.
K Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons: Week 1 2 3 4 Forecast Method 1 0.95 1.05 0.97 1.20 Actual Demand 0.68 1.05 0.96 1.00 Week 1 2 3 4 Forecast Method 2 0.82 1.21 0.88 1.17 The MAD for Method 1 = thousand gallons (round your response to three decimal places). Actual Demand 0.68 1.05 0.96 1.00 Save D
Which time-series forecasting method works best if the company assumes that product demand will decrease over time? A. Weighted moving average B. Linear trend C. Moving average D. Exponential smoothing
Which of the following is important if forecasting is to have the desired positive effect on decisions? A. Communication between forecast staff and managment B. Ranges of forecast are reported to managment C. Forecast combination is examined D Forecast presentations should not be overly technical unless managment desires E All of the above 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.
Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.
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I just need the part D!
The worksheet Hudson Demand Case Data in MindTap provides the number of visits over one year from January to December (52 weeks). Chart the data and explain the characteristics of the time series. How would you forecast future demand for customer visits? What criteria will you use to determine a “good” forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? 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.
How much does the forecasting process at Deckers correspond with the “typical forecasting process” described at the end of this chapter?

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