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Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 O If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) O If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. ■ Present your forecast results Explain why each of your chosen methods is appropriate for the data and time frame given

Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 O If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) O If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. ■ Present your forecast results Explain why each of your chosen methods is appropriate for the data and time frame given

Practical Management Science
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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1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 700 2 248 3 633 4 458 5 1410 6 1588 7 1629 8 1301 9 1455 10 1989 Tom is interested in implementing a forecasting system and is investigating the following forecasting methods as possibilities: Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 O If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) O If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. Present your forecast results Explain why each of your chosen methods is appropriate for the data and time frame given Include MAD, MSE and MAPE
Transcribed Image Text:1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years of tourist visits to the area. The following data has been gathered on number of tourists who signed into the local information center. Year Number of tourists 1 700 2 248 3 633 4 458 5 1410 6 1588 7 1629 8 1301 9 1455 10 1989 Tom is interested in implementing a forecasting system and is investigating the following forecasting methods as possibilities: Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 O If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) O If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. Present your forecast results Explain why each of your chosen methods is appropriate for the data and time frame given Include MAD, MSE and MAPE
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