Operations Management: Processes and Supply Chains (11th Edition)
Operations Management: Processes and Supply Chains (11th Edition)
11th Edition
ISBN: 9780133872132
Author: Lee J. Krajewski, Manoj K. Malhotra, Larry P. Ritzman
Publisher: PEARSON
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Chapter 8, Problem 19P

Create an Excel spreadsheet on your own that can make combination forecasts for Problem 18. Create a combination forecast using all four techniques from Problem 18. Give each technique an equal weight. Create a second combination forecast by using the three techniques that seem best based on MAD. Give equal weight to each technique. Finally, create a third forecast by equally weighting the two best techniques. Calculate CFE, MAD, MSE, and MAPE for the combination forecast. Are these forecasts better or worse than the forecasting techniques identified in Problem 18?

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Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons: Week         Forecast Method 1          Actual demand  1                                     .90                         .68 2                                    1.02                        1.00 3                                      .97                          .96 4                                      1.20                       1.00   Week                        Forecast method 2                 Actual Demand 1                                         .80                                           .68 2                                        1.20                                         1.00 3                                         .92                                           .96 4                                         1.17                                         1.00…
Following are two weekly forecasts made by two different methods for the number of gallons of​ gasoline, in​ thousands, demanded at a local gasoline station. Also shown are actual demand​ levels, in thousands of​ gallons:                                                              Week Forecast Method 1 Actual Demand 1 0.95 0.72 2 1.08 0.98 3 0.92 1.07 4 1.17 1.04                                                                Week Forecast Method 2 Actual Demand 1 0.80 0.72 2 1.21 0.98 3 0.88 1.07 4 1.17 1.04 Part 2 The MAD for Method 1​ = enter your response here thousand gallons ​(round your response to three decimal​ places).
James and Maddie work for Statesboro Toolworks. Their boss Jenny tells them that she will promote the person who has the best possible forecast for the firm's DG5-S electric tool. Jenny emailed them the demand data from 10 days worth of sales and then asked each to create a forecast for the next 10 days. The table below shows (1) Actual Demand data (2nd Column), James forecast (3rd column), and Maddie's forecast (4th column). Calculate which of the two has the more accurate forecast. Who gets the promotion? The combatant's forecasts and the actual egg production are shown in the table. Which forecaster was more accurate and should be hired as a result of his performance on this trial? Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Day 8 Day 9 Day 10 Forecast Forecast (James) (Maddie) 102 102 107 106 105 113 115 113 109 118 124 119 142 136 130 154 148 142 166 160 154 181 174 167 198 190 182 206 202 195 Actual Final solution: The person who gets the promotion will be: What is Maddie's MAPE?…

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Operations Management: Processes and Supply Chains (11th Edition)

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