The director of a large public library must schedule employees to reshelf books and periodicals checked out of the library. The number of items checked out will determine the labor requirements. The following data reflect the number of items checked out of the library for the past three years: Year 1 1.804 2.711 2,509 2.432 2,468 2,378 2,175 2.445 1.908 1.922 2,417 2274 Year 2 2.056 2,321 2,442 2.088 2.694 2,122 2,206 1,869 2,489 2.291 2.352 2.189 Year 3 1,976 2,564 2,616 2,150 2,195 2,663 2,011 1,678 1,778 2,065 2,158 2.440 Month January February March April May June July August September October November December The director needs a time-series method for forecasting the number of items to be checked out during the next month. Suppose that the director considers the best forecast to be the one that minimizes the absolute value of mean bias (E). Find the best simple moving average forecast you can using the director's criteria Using the director's criteria, the best forecast for the next month is tems to be checked out (Enter your response as a whole number.)
The director of a large public library must schedule employees to reshelf books and periodicals checked out of the library. The number of items checked out will determine the labor requirements. The following data reflect the number of items checked out of the library for the past three years: Year 1 1.804 2.711 2,509 2.432 2,468 2,378 2,175 2.445 1.908 1.922 2,417 2274 Year 2 2.056 2,321 2,442 2.088 2.694 2,122 2,206 1,869 2,489 2.291 2.352 2.189 Year 3 1,976 2,564 2,616 2,150 2,195 2,663 2,011 1,678 1,778 2,065 2,158 2.440 Month January February March April May June July August September October November December The director needs a time-series method for forecasting the number of items to be checked out during the next month. Suppose that the director considers the best forecast to be the one that minimizes the absolute value of mean bias (E). Find the best simple moving average forecast you can using the director's criteria Using the director's criteria, the best forecast for the next month is tems to be checked out (Enter your response as a whole number.)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Transcribed Image Text:The director of a large public library must schedule employees to reshelf books and periodicals checked out of the library. The number of items checked out will
determine the labor requirements. The following data reflect the number of items checked out of the library for the past three years:
Year 1
1.804
2.711
2,509
2.432
2,468
2,378
2,175
2,445
1,908
1.922
Year 2
2,056
2,321
2,442
2,088
2,694
2,122
2,206
1,869
2,489
2,291
2,352
2,189
Year 3
1,976
2,564
2,616
2,150
2,195
2,663
2,011
1,678
1,778
2,065
2,158
2,440
Month
January
February
March
April
May
June
July
August
September
October
2,417
2.274
November
December
The director needs a time-series method for forecasting the number of items to be checked out during the next month.
Suppose that the director considers the best forecast to be the one that minimizes the absolute value of mean bias (Ē). Find the best simple moving average forecast
you can using the director's criteria.
Using the director's criteria, the best forecast for the next month is items to be checked out. (Enter your response as a whole number.)
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