Year 3. A firm experienced the demand shown in the following table. 5-year 3-year Exponential Exponential Smoothing Moving Moving Smoothing Average Average (w=0.9) (w=0.3) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Actual Demand 800 925 900 1025 1150 1160 1200 1150 1270 1290 ... a. Fill in the table by preparing forecasts based on a five-year moving average, a three-year moving average, and exponential smoothing (with a w= 0.9 and a w=0.3). Note: The exponential smoothing forecasts may be begun by assuming (Ye+1) = (Y₂) b. Using the forecasts from 2018 through 2022, compare the accuracy of each of the forecasting methods based on the RMSE criterion. c. Which forecast would you have used for 2023? Why?
Year 3. A firm experienced the demand shown in the following table. 5-year 3-year Exponential Exponential Smoothing Moving Moving Smoothing Average Average (w=0.9) (w=0.3) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Actual Demand 800 925 900 1025 1150 1160 1200 1150 1270 1290 ... a. Fill in the table by preparing forecasts based on a five-year moving average, a three-year moving average, and exponential smoothing (with a w= 0.9 and a w=0.3). Note: The exponential smoothing forecasts may be begun by assuming (Ye+1) = (Y₂) b. Using the forecasts from 2018 through 2022, compare the accuracy of each of the forecasting methods based on the RMSE criterion. c. Which forecast would you have used for 2023? Why?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:Year
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
3. A firm experienced the demand shown in the following table.
5-year 3-year
Moving Moving
Exponential Exponential
Smoothing Smoothing
(w=0.9) (w=0.3)
Average
Average
Actual
Demand
800
925
900
1025
1150
1160
1200
1150
1270
1290
a. Fill in the table by preparing forecasts based on a five-year moving average, a three-year
moving average, and exponential smoothing (with a w=0.9 and a w = 0.3).
Note: The exponential smoothing forecasts may be begun by assuming
(Ye+1) = (Y₂)
b. Using the forecasts from 2018 through 2022, compare the accuracy of each of the
forecasting methods based on the RMSE criterion.
c. Which forecast would you have used for 2023? Why?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 56 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
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
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
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
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
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
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman