- The number of bushels of apples sold at a roadside fruit stand over 12-day period were as follows: 7 8 9 33 34 37 35 55 32 38 Day 1 2 3 4 5 No. 25 31 29 29 Sold 10 10 11 12 40 40 37 37 32 22 a. If a three-day moving average has been used to forecast sales, what were the daily forecasts starting with the forecast for day 10? b. If a five-period moving average has been used, what were the forecasts for each day starting with day 13? c. If the exponential smoothing with a = 0.4 has been used to forecast daily sales for apples, determine what the daily forecasts would have been. Then plot the original data, the exponential forecasts, and a set of naïve forecasts on the same graph. Based on the visual comparison, is the naïve more accurate or less accurate than the exponential smoothing method, or are they about the same?
- The number of bushels of apples sold at a roadside fruit stand over 12-day period were as follows: 7 8 9 33 34 37 35 55 32 38 Day 1 2 3 4 5 No. 25 31 29 29 Sold 10 10 11 12 40 40 37 37 32 22 a. If a three-day moving average has been used to forecast sales, what were the daily forecasts starting with the forecast for day 10? b. If a five-period moving average has been used, what were the forecasts for each day starting with day 13? c. If the exponential smoothing with a = 0.4 has been used to forecast daily sales for apples, determine what the daily forecasts would have been. Then plot the original data, the exponential forecasts, and a set of naïve forecasts on the same graph. Based on the visual comparison, is the naïve more accurate or less accurate than the exponential smoothing method, or are they about the same?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Transcribed Image Text:- The number of bushels of apples sold at a roadside fruit stand over 12-day
period were as follows:
7
8
9
33
34 37
35
55
32
38
Day 1
2
3
4
5
No. 25 31
29
29
Sold
10
10
11
12
40
40
37
37
32
22
a. If a three-day moving average has been used to forecast sales, what
were the daily forecasts starting with the forecast for day 10?
b. If a five-period moving average has been used, what were the forecasts
for each day starting with day 13?
c. If the exponential smoothing with a = 0.4 has been used to forecast
daily sales for apples, determine what the daily forecasts would have
been. Then plot the original data, the exponential forecasts, and a set of
naïve forecasts on the same graph. Based on the visual comparison, is
the naïve more accurate or less accurate than the exponential smoothing
method, or are they about the same?
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