Homework Help is Here – Start Your Trial Now!
Math
Statistics
Topic: Time Series and Forecasting Case 2- Forecasting Sales of Gas Tanks Week Gas Tanks SaveWay is a small shop selling groceries as well as the cooking gas tanks which have to be re-stocked every week. As for the gas tanks, Ah Lee, the owner of the shop is unsure of how many tanks to be ordered in week 11. Table 2- The Past Data for the Sales of Gas (in Tanks) 1 3 4 5 6 7 8 9 10 2 180 130 160 110 170 140 150 130 180 140 You are asked by Mr Lee to help him forecast the number of gas tanks to be ordered in week 11. As you have studied forecasting using quantitative method, prepare the followings to explain how you prepare your forecast. (a) Define the Moving Averages and Exponential Smoothing methods (b) Explain the strengths and weaknesses of the Moving Averages and Exponential Smoothing methods (Note: provide examples to support your points) (c) Use data in Table 2 to prepare and answer the following questions: (i) Construct a time series plot. What type of pattern exists in the data? (ii) Develop a three-week moving average for this time series. Compute MSE and a forecast for week 11. (iii) Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 11. (iv) Compare the three-week moving average forecast with the exponential smoothing forecast using a = 0.2. Which appears to provide the better forecast based on MSE? Explain. (v) Use trial and error to find a value of the exponential smoothing coefficient a that results in a smaller MSE than what you calculated for a = 0.2.

Topic: Time Series and Forecasting Case 2- Forecasting Sales of Gas Tanks Week Gas Tanks SaveWay is a small shop selling groceries as well as the cooking gas tanks which have to be re-stocked every week. As for the gas tanks, Ah Lee, the owner of the shop is unsure of how many tanks to be ordered in week 11. Table 2- The Past Data for the Sales of Gas (in Tanks) 1 3 4 5 6 7 8 9 10 2 180 130 160 110 170 140 150 130 180 140 You are asked by Mr Lee to help him forecast the number of gas tanks to be ordered in week 11. As you have studied forecasting using quantitative method, prepare the followings to explain how you prepare your forecast. (a) Define the Moving Averages and Exponential Smoothing methods (b) Explain the strengths and weaknesses of the Moving Averages and Exponential Smoothing methods (Note: provide examples to support your points) (c) Use data in Table 2 to prepare and answer the following questions: (i) Construct a time series plot. What type of pattern exists in the data? (ii) Develop a three-week moving average for this time series. Compute MSE and a forecast for week 11. (iii) Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 11. (iv) Compare the three-week moving average forecast with the exponential smoothing forecast using a = 0.2. Which appears to provide the better forecast based on MSE? Explain. (v) Use trial and error to find a value of the exponential smoothing coefficient a that results in a smaller MSE than what you calculated for a = 0.2.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
Topic: Time Series and Forecasting Case 2- Forecasting Sales of Gas Tanks SaveWay is a small shop selling groceries as well as the cooking gas tanks which have to be re-stocked every week. As for the gas tanks, Ah Lee, the owner of the shop is unsure of how many tanks to be ordered in week 11. Table 2- The Past Data for the Sales of Gas (in Tanks) 1 2 4 5 6 7 8 3 180 130 160 110 170 140 150 130 Week Gas Tanks 9 10 180 140 You are asked by Mr Lee to help him forecast the number of gas tanks to be ordered in week 11. As you have studied forecasting using quantitative method, prepare the followings to explain how you prepare your forecast. (a) Define the Moving Averages and Exponential Smoothing methods (b) Explain the strengths and weaknesses of the Moving Averages and Exponential Smoothing methods (Note: provide examples to support your points) (c) Use data in Table 2 to prepare and answer the following questions: (i) Construct a time series plot. What type of pattern exists in the data? (ii) Develop a three-week moving average for this time series. Compute MSE and a forecast for week 11. (iii) Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 11. (iv) Compare the three-week moving average forecast with the exponential smoothing forecast using a = 0.2. Which appears to provide the better forecast based on MSE? Explain. (v) Use trial and error to find a value of the exponential smoothing coefficient a that results in a smaller MSE than what you calculated for a = 0.2.
Transcribed Image Text:Topic: Time Series and Forecasting Case 2- Forecasting Sales of Gas Tanks SaveWay is a small shop selling groceries as well as the cooking gas tanks which have to be re-stocked every week. As for the gas tanks, Ah Lee, the owner of the shop is unsure of how many tanks to be ordered in week 11. Table 2- The Past Data for the Sales of Gas (in Tanks) 1 2 4 5 6 7 8 3 180 130 160 110 170 140 150 130 Week Gas Tanks 9 10 180 140 You are asked by Mr Lee to help him forecast the number of gas tanks to be ordered in week 11. As you have studied forecasting using quantitative method, prepare the followings to explain how you prepare your forecast. (a) Define the Moving Averages and Exponential Smoothing methods (b) Explain the strengths and weaknesses of the Moving Averages and Exponential Smoothing methods (Note: provide examples to support your points) (c) Use data in Table 2 to prepare and answer the following questions: (i) Construct a time series plot. What type of pattern exists in the data? (ii) Develop a three-week moving average for this time series. Compute MSE and a forecast for week 11. (iii) Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 11. (iv) Compare the three-week moving average forecast with the exponential smoothing forecast using a = 0.2. Which appears to provide the better forecast based on MSE? Explain. (v) Use trial and error to find a value of the exponential smoothing coefficient a that results in a smaller MSE than what you calculated for a = 0.2.
Expert Solution
steps

Step by step

Solved in 9 steps with 33 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE 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
SEE MORE TEXTBOOKS