Prepare a graph of the monthly forecasts and average forecast demand for Chicago Paint Corp., a manufacturer of specialized paint for artists.Compute the demand per day for each month (round your responses to one decimal place).Production Days23Calculator Ask my instructor2WSF2X#3ED80F3C$4R000000F4FMonthJanuaryFebruaryMarch%5AprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberTF5G6BF6MacBook ProY22222222H18&7NF7UJ* 008Demand Forecast1,1001,0501,2501,3501,3001,3001,2501,2501,0501,0501,000950DIIFBM-(9KDDF9O<)ODemand per Day09F10ABA389898986PAClear allF11[?+=111CheF12

Forecasting is one of the techniques to know some future figures on the basis of past data. This…

Answered: Prepare a graph of the monthly…

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...

See similar textbooks

Similar questions

For a particular product, actual demand for the past 3 weeks is given below: Week 1 Week 2 Week 3 Monday 100 98 95 Tuesday 120 118 115 Wednesday 145 140 136 Thursday 119 116 113 Friday 99 96 92 Plot the data for the last three weeks. Make a forecast for the number of products to be sold in Week 4. You should decide which method to use as an appropriate method where necessary.
The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 8 8 4 9 12 7 11 14 9 13 8 Part 2 Using exponential smoothing with α = 0.50 and a forecast for year 1 of 7.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). Year 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 7.0 enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here
Sunrise is planning its purchases of ingredients for bread production. If bread demand had been forecast for last week at 22k loaves & only 21k loaves were actually demanded, what would Sunrise’s forecast be for this week using exponential smoothing with α = 0.10?
Step 1 of 4: Determine the three-period moving average for the next time period. If necessary, round your answer to one decimal place. Step 2 of 4: Determine the three-period weighted moving average for the next time period with weights of 33 (most recent), 22 (second latest time period), and 11 (oldest time period). If necessary, round your answer to one decimal place. Step 3 of 4: Determine the exponential smoothing forecast for the next time period using a smoothing constant of 0.500.50. If necessary, round your answer to one decimal place. Step 4 of 4: Which forecasting method is best and why?
Please only do this typewritten, so everything is visible. I have a hard time reading handwritten solutions. i hope you understand. thank you. i will upvote SKIP THIS IF YOU ALREADY DID THIS OR GET DOWNVOTE
The following data show the number of liters of gasoline sold by Mackrin's in Colorado for the past 12 weeks. Which forecasting model would you recommend to Mackrin's manager? Why? What demand forecast would you recommend for week 13? Week Actual Demand (1000 liters) Forecasting (1000 liters) FSMA /A-F/ FWMA /A-F/ FES, α=0.3 /A-F/ 1 17 2 21 17 4 3 19 18.2 0.8 4 23 19 4 18.44 4.56 5 18 21 3 20.8 2.8 19.81 1.81 6 16 20 4 20 4 19.3 3.3 7 20 19 1 18.3 2.3 18.31 1.69 8 18 18 0 18.7 0.7 18.82 0.82 9 22 18 4 18.2 4.2 18.6 3.4 10 20 20 0 19.8 0.2 19.62 0.38 11 15 20 5 20.2 5.2 19.73 4.73 12 22 19 3 18.2 3.8 18.3 3.7 13 19 19.5 19.41 MAD 2.67 2.9 2.7 MSE 10.22…
Please do not give solution in image format thanku
The following table shows the actual demand observed over the last 4 years: 1 Year Demand 8 Year Forecast (ES) 1 7.0 Using exponential smoothing with a = 0.30 and a forecast for year 1 of 7.0, provide the forecast from periods 2 through 5 (round your responses to one decimal place). 3 5 Provide the forecast from periods 2 through 5 using the naive approach (enter your responses as whole numbers). Year Forecast (NA) 2 10 2 2 3 4 3 4 4 9 4 5
a) Apply moving average and exponential smoothing to generate two forecasts of the closing price for the entire data period. Set appropriate values for the forecast parameters (e.g., k and a). b) Plot and compare the actual and predicted data values you calculated in part (b). Provide one chart that displays actual, moving average, and exponential smoothing lines. Hint: Calculate MSE, MAD, or MAPE to compare the different forecasts. Develop your own forecast from scratch. Do NOT use Excel’s Data Analysis or Forecast Sheets.
Thus historical demand for periods is 70, 60, 80 , and respectivelyWhat is the two-period weighted moving average forecast for period assuming equal weights of 0.5 each
The following table shows the actual demand observed over the last 11 years: Year Demand 1 7 Year Forecast 2 8 2 3 4 3 4 10 4 Using exponential smoothing with a = 0.30 and a forecast for year 1 of 6.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). 3 2 4 5 6 T 8 9 Year 1 Forecast 6.0 Provide the forecast from periods 2 through 12 using the naive approach (enter your responses as whole numbers) 5 12 5 6 7 6 7 8 11 14 7 8 9 10 9 10 10 10 13 11 11 11 8 12 12
The table below shows the sales of widgets (in units) over the past 5 years. Using exponential smoothing with a smoothing constant of 0.2, what is the forecast for next year? The initial forecast (for 5 years ago) was 1,200 units. Forecast: Time Sales 5 years ago 1,140 4 years ago 1,220 3 years ago 1,450 2 years ago 1,090 Last year 1,150 (Do not round intermediate calculations, round your final answer to the nearest whole number.)

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS

Prepare a graph of the monthly forecasts and average forecast demand for Chicago Paint Corp., a manufacturer of specialized paint for artists. Compute the demand per day for each month (round your responses to one decimal place) Month Production Days Demand Forecast Demand per Day