The following table shows the actual demand observed over the last 4 years:YearDemand18Provide the forecast from periods 2 through 5 using the naive approach (enter your responses as whole numbers)YearForecast (NA)282Using exponential smoothing with a=0.50 and a forecast for year 1 of 7.0, provide the forecast from periods 2 through 5 (round your responses to one decimal place).1YearForecast (ES)7.0233634410455

Actual Demand for last 4 years is given below:

Answered: The following table shows the actual…

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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Below is the actual demand for electrical boxes for Abco Electric for the last nine periods along with a forecast. A) Complete the Mean Absolute Deviation for this forecast. B) Complete an additional forecast for periods 4-12 using a weighted moving average of your choice. Change the title to describe your method. C) Calculate the MAD for your forecast. D) In the text box below put your comment comparing the accuracy of your forecast versus the one given in A. Was your method more accurate? Why or why not? Use whole numbers for all forecasts. Use ONE decimal place for the MAD calculations. Period Demand Naïve Method Error (e) MAD Your Title here Your MAD 1 855 Abs e Abs e 2 910 3 930 4 890 930 5 935 890 6 980 935 7 1020 980 8 960 1020 9 905 960 10 895 905 11 955 895 12 820 955 MAD D. Your comment on Forecast Accuracy:
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 January February March April May June July August September October November December Choose the correct graph of the forecast demands below. OA Production Days 2222222222 23 19 20 21 20 23 21 20 19 Demand Forecast 950 1,050 1,250 1,350 1,300 1,300 1,250 1,150 1,050 1,000 1,000 950 Demand per Day 325
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Sales of tablet computers at Ted Glickman's electronicsstore in Washington, D.C., over the past 10 weeks are shownin the ta ble below: a) Forecast demand for each week, including week 10, usingexponential smoothing with a = .5 (in itial forecast = 20).b) Compute the MAD.c) Compute the tracking signal.
For the data below, answer the following four questions: Period Demand 1 58 2 59 3 60 4 61 What would be the simple moving average forecast for the 5th period? 68.2 58 60.7 59.5 61
The demand data for Double T Computer Services appears below. The company wants you to forecast the demand for period 4. What is your forecast using the least squares method? Period Demand 1 37 2 40 3 40
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?
The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The miles driven during the past 5 years are as follows Year Mileage 1 3,100 2 4,000 3 3,450 4 3,850 5 3,750 a) Using a 2-year moving average, the forecast for year 6 = 3800 miles (round your response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this = 108.3 miles (round your response to one decimal place). (Hint. You will have only 3 years of matched data.) c) The forecast for year 6 using a weighted 2-year moving average with weights of 0.40 and 0.60 (the weight of 0.60 is for the most recent period) = miles (round your response to the nearest whole number)
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 6 8 4 7 11 7 13 12 10 13 8 This exercise contains only parts b, c, and d. Part 2 b) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your responses to one decimal place). Part 3 c) Using the 3-year weighted moving average with weights 0.10, 0.30, and 0.60, using 0.60 for the most recent period, provide the forecast from periods 4 through 12 (round your responses to two decimal places). Part 4 d) Mean absolute deviation for the forecast developed…
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41) A medium-term forecast is considered to cover what length of time? A) 2-4 weeks B) 1 month to 1 year C) 2-4 years D) 5-10 years E) 20 years 42) When is the exponential smoothing model equivalent to the naÃ¯ve forecasting model? A) ? = 0 B) ? = 0.5 C) ? = 1 D) during the first period in which it is used E) never 43) Enrollment in a particular class for the last four semesters has been 120, 126, 110, and 130. Suppose a one-semester moving average was used to forecast enrollment (this is sometimes referred to as a naÃ¯ve forecast). Thus, the forecast for the second semester would be 120, for the third semester it would be 126, and for the last semester it would be 110. What would the MSE be for this situation? A) 196.00 B) 230.67 C) 100.00 D) 42.00 E) None of the above 44) Which of the following methods tells whether the forecast tends to be too high or too low? A) MAD B) MSE C) MAPE D) decomposition E) bias 45) Assume that you have tried three different…
The following table shows the actual demand observed over the last 11 years: Year 1 Demand 8 2 9 3 5 This exercise contains only parts b, c, and d. b) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your responses to one decimal place). Year Forecast 4 5 4 10 6 5 13 7 6 7 8 7 11 9 8 14 10 9 8 11 10 13 12 11 8

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