The pattern test Introduction: Mean and range control charts are mainly used for variable control chart. These control chart accounts for any underlying fluctuation in a process when variables are measurable. Variable control chart works on continuous and quantifiable variables. These control charts give efficient interpretation of process.

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Chapter 3, Problem 23P

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To determine: The pattern test

Introduction: Mean and range control charts are mainly used for variable control chart. These control chart accounts for any underlying fluctuation in a process when variables are measurable. Variable control chart works on continuous and quantifiable variables. These control charts give efficient interpretation of process.

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Scenario You have been given a task to create a demand forecast for the second year of sales of a premium outdoor grill. Accurate forecasts are important for many reasons, including for the company to ensure they have the materials they need to create the products required in a certain period of time. Your objective is to minimize the forecast error, which will be measured using the Mean Absolute Percentage Error (MAPE) with a goal of being below 25%. You have historical monthly sales data for the past year and access to software that provides forecasts based on five different forecasting techniques (Naïve, 3-Month Moving Average, Exponential Smoothing for .2, Exponential Smooth for .5, and Seasonal) to help determine the best forecast for that particular month. Based on the given data, you will identify trends and patterns to create a more accurate forecast. Approach Consider the previous month's forecast to identify which technique is most effective. Use that to forecast the next…

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