Oman Company is preparing the production plan for the month of August. The productionmanager gathered the following data for the last seven months.PeriodSales (In Units)6,000JanuaryFebruary6,500March5,500April5,800May6,400June6,200July6,500Required:A. Prepare a forecast for the month of August using each of these approaches:1. Naïve approach2. A three-period moving average.3. A four-period moving average.4. A weighted average using weights of 0.50 (most recent), 0.30 and 0.20.5. Exponential smoothing with a smoothing constant of 0.40. (start with February, use thedata in January as the forecast for February and then use exponential smoothing forsuccessive forecasts.B. Which method do you think is more accurate? Briefly explain why you choose such method.C. Discuss some potential benefits of forecasting? How does forecasting add value to theorganization.

Hi, we are supposed to answer three subparts. Therefore, I am answering the first three subparts.…

Oman Company is preparing the production plan for the month of August. The production manager gathered the following data for the last seven months. Period Sales (In Units) January 6,000 February 6,500 March 5,500 April 5,800 May 6,400 June 6,200 July 6,500 Required: A. Prepare a forecast for the month of August using each of these approaches: 1. Naïve approach 2. A three-period moving average. 3. A four-period moving average.

Oman Company is preparing the production plan for the month of August. The production manager gathered the following data for the last seven months. Period Sales (In Units) January 6,000 February 6,500 March 5,500 April 5,800 May 6,400 June 6,200 July 6,500 Required: A. Prepare a forecast for the month of August using each of these approaches: 1. Naïve approach 2. A three-period moving average. 3. A four-period moving average.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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