Pink Table, a snack shop has recorded sales for its best-selling cold drink, shown as follows: Day 1 2 3 4 5 6 7 8 9 10 Jasmine Slush (12 oz) 125 136 127 123 142 148 139 140 154 158 a. Predict the sales for Jasmine Slush using the following forecasting methods: naïve (use simple naive method, forecast this period=actual value of last period); 3-day moving average method; weighted average method using the following weights: 45%,30%,25%; exponential smoothing with smoothing constant alpha equal to 10%, assume forecast for day 1 for each of the 3 products is the sales for day1; linear trend line. b. Using the results in a), compute the error ( MSE, MAD, and MAPE) for each of the methods used. c. Which forecasting technique will you recommend fo predict the sales of Jasmine Slush Explain and support your answer quantitatively.
- Pink Table, a snack shop has recorded sales for its best-selling cold drink, shown as follows:
Day |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
Jasmine Slush (12 oz) |
125 |
136 |
127 |
123 |
142 |
148 |
139 |
140 |
154 |
158 |
a. Predict the sales for Jasmine Slush using the following forecasting methods: naïve (use simple naive method, forecast this period=actual value of last period); 3-day moving average method; weighted average method using the following weights: 45%,30%,25%; exponential smoothing with smoothing constant alpha equal to 10%, assume forecast for day 1 for each of the 3 products is the sales for day1; linear trend line.
b. Using the results in a), compute the error ( MSE, MAD, and MAPE) for each of the methods used.
c. Which forecasting technique will you recommend fo predict the sales of Jasmine Slush Explain and support your answer quantitatively.
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