QUESTION 8You are given the following information, comprising of an individual's expenses for the year2015. Use the information provided hereunder to answer the following questions.MonthJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberExpenses197782097010821220128115461788895110818241954a) Determine the expenses forecast using a two (2) period moving average. Calculate theMAD and MSE.b) Determine the expenses forecast using a two (2) period weighted moving average. Use0.8 & 0.2 for the weights of the most recent and second most recent periods respectfully.Calculate the MAD and MSE.c) Develop an exponential smoothing forecast using a=0.2. Assume the forecast for the firstmonth is the actual expenses for that month. Calculate the MAD and MSE.d) Developed a trend line to forecast expenses

Answered: QUESTION 8 You are given the following…

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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Given the following data of actual sales and forecast for the five months: Month 1, Month 2, Month 3, Month 4, Month 5, and Month 6: Month 1 2 3 4 5 6 Actual Sales 50 40 45 55 65 50 Forecast 55 50 (b) Calculate the Mean Square Error (MSE). (a) Calculate the Mean Absolute Percent Error (MAPE). 40 50° 65 40 (c) Calculate the Mean Absolute Deviation (MAD).
A forecast for the first six months of the year revealed a tendency to underpredict the actual demand for the revitalized Hubig’s Pies plant in the Marigny. Month Actual Forecast January 675 600 February 720 700 March 640 620 April 510 495 May 480 410 June 565 535 What is the mean squared error of this forecast? a. 1,694 b. 1,873 c. 2,075 d. 1,469
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part b
To have a stable forecasting tool when using the simple moving average method, what value of N (the number of periods) should a firm choose among the following choices? a. 3b. 2c. 8d. 6
Given: Year Demand 1 7 2 9 3 5 4 9 5 Predict the value for Year 5: 2 year moving average What is MSE for 2 year moving average? 2 year moving average using 0.6 (weight for the oldest period) and 0.4(weight for most recent period Exponential smoothing, =0.2 and forecast for Year 1 = 5 Linear trend Which forecast method has the least amount of error using MAD? What is the coefficient?
Asvnch Problem - Statistical Forecasting Data Set – Eunice BC Fashion Monthly Sales, in million units. Year Total Sales Year Total Sales 2010 38 2016 43 2011 41 2017 40 2012 40 2018 45 2013 45 2019 47 2014 50 2020 42 2015 42 2021 48 Questions: a. Find the naïve forecast. b. Use the 3 years moving average forecast. c. Have a 5 years weighted moving average. d. Develop forecast using exponential smoothing with a = 0.2. e. Determine the trend line equation and present the forecast. f. Find the best forecast for year 2022. Note: Use the first 5 years as the training samples and the last 5 years as the forecasting samples. Solve it in Excel Sheet/Sheet with Equations as possible.
Please answer this simple question
Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——
Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——
a. Use a 3-month moving average to estimate the month-in-advance forecast of demand for months 4–12 and generate a forecast for the first month of next year. Calculate the average forecast error and mean absolute error. b. Use a 3-month weighted moving average with weights of 0.6, 0.3, 0.1 (most recent to least recent, respectively) to calculate month-in-advance forecasts for months 4–12 and forecast for the first month of next year. Calculate the average forecast error and mean absolute error. c. Compare the average forecast error and MAD for the forecasting methods in parts a and b. Based on these error calculations, which of the two forecast methods would you recommend? Why?
please answer in 30 minutes.

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