Question a. Sales of the Flying Flintmobile has been increasing over the past five years. The operations manager has estimated sales in 2017 to be 410 Flying Flintmobiles. Using exponential smoothing with a weight of α = 0.30, develop forecasts for 2017 through 2022.  Year Sales Forecast 2016 450   2017 495   2018 518   2019 563   2021 584   2022       (i) Advise Flying Flintmobile of the benefits associated with this method of forecasting.  (ii) Caution the manager on the limitations associated with your forecast.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
100%

Question

a. Sales of the Flying Flintmobile has been increasing over the past five years. The operations manager has estimated sales in 2017 to be 410 Flying Flintmobiles. Using exponential smoothing with a weight of α = 0.30, develop forecasts for 2017 through 2022. 

Year Sales Forecast
2016 450  
2017 495  
2018 518  
2019 563  
2021 584  
2022    

 

(i) Advise Flying Flintmobile of the benefits associated with this method of forecasting. 

(ii) Caution the manager on the limitations associated with your forecast. 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman