Obtain estimates of daily relatives for the number of customers at a restaurant for the evening meal, given the following data.Day123456789GH23H1011121314NumberServed87828399145142488079879213413841Day15PEAREANNN816171819202122232425262728NumberServed82838899132148468283819013313944Click here for the Excel Data File:a. Use the centered moving average method. (Hint: Use a seven-day moving average.) (Round your intermediate calculations andfinal answers to 4 decimal places.)

Here, for each day, I have been given the number served data, Here, I would use the centered moving…

Answered: Obtain estimates of daily relatives for…

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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A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 45 percent of capacity, actual usage was 52 percent of capacity. A smoothing constant of .05 is used. a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) Forecast for September percent of capacity b. Assuming actual September usage of 52 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.) Forecast for October percent of capacity
Suppose these data show the number of gallons of gasoline sold by a gasoline distributor in Bennington, Vermont, over the past 12 weeks. Sales (1,000s of gallons) Week 1 17 2 21 3 19 23 5 18 6 16 7 21 8 19 9 23 10 21 11 16 12 23 (a) Using a weight of - for the most recent observation, for the second most recent observation, and - for third most recent observation, compute a three-week weighted moving average for the time series. (Round your answers to two decimal places.) Time Series Value Weighted Moving Average Forecast Week 1. 17 2 21 19 4 23 5 18 6 16 7 21
7. Tim Hortons is planning to expand a new emarket by opening 6 branches . What are the 2 possible forecasting strategies that this company may implement. * Enter your answer
For what purpose HRM managers use forecasting information?
Why forecasting is important for Airlines industry? What are the impacts ofCovid-19 on forecasting of this industry?
Walmart’s Human Resource Planning Forecasting. Walmart’s human resource management forecasts its workforce needs to ensure capacity to address changes in consumer demand. While other forecasting methods and techniques are also used, these three are the most notable at Walmart:
I understand the moving average concept but not the weighted moving average and exponential smoothing
Forecasting is critical in modern times. Business organizations manifested more concern with anticipating the future, and as a consequence, a number of highly successful consulting firms emerged to provide forecasting help for governments and businesses. You are required: iii. Identify the different levels that forecasting of business trends takes place. iv. Give 3 examples where long-range forecasting can be used v. Do you think forecasting is always correct and accurate? Discuss this assertion in detail
January February March April May June a. Calculate forecasts for the remaining five months using simple exponential smoothing with a = 0.4. February March April May June ACTUAL FORECAST 100 85 96 103 82 66 90 MAD Forecasts 91 93 97 91 81 b. Calculate the MAD for all the forecasts, including January's. (Round your answer to 1 decimal place.)
Naïve method versus three period Moving Average The number of major plumbing repair jobs performed by Augur’s Plumbing Service in each of the last six months is listed below. Month Jobs October 92 November 94 December 98 January 95 February 99 March 104 Use the ‘textbook’ naïve method to forecast April jobs (Ft+1 = Xt + (Xt – Xt-1). Use the three- period moving average to forecast jobs in April Based upon the MAD (mean absolute deviation), determine whether the three-period moving average or textbook naïve method is more accurate, based upon forecasts for January through March.
Give correct answer and give explaination and give summary at last.
What is the criteria for forecasting a business?

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