As an industrial engineer working for a manufacturing company, your task is to forecast the demand....

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As an industrial engineer working for a manufacturing company, your task is to forecast the demand. You have access to the historical data for the past 2 years. 4-month Period Demand (units) Jan-Apr 2022 May-Aug 2022 Sep-Dec 2022 Jan-Apr 2023 May-Aug 2023 Sep-Dec 2023 320 360 400 260 240 220 a. Using Winter's method, calculate the one-step and two-step demand forecasts for the upcoming two 4-month periods (i.e., Jan-Apr 2024 and May-Aug 2024). Show each step of your work. b. Suppose that the demand for Jan-Apr 2024 turns out to be 180 units. Update the forecasting model using the following smoothing parameters: a (level) of 0.4, 3 (trend) of 0.3, andy (seasonality) of 0.1. Using the updated model, forecast the demand for May-Aug 2024. c. Suppose that the demand for May-Aug 2024 turns out to be 220 units. What is the MAPE value for your one-period-ahead forecasts? That means you must use your Jan-Apr 2024 forecast from part a and May-Aug 2024 forecast from part b. As an industrial engineer working for a manufacturing company, your task is to forecast the demand. You have access to the historical data for the past 2 years. 4-month Period Demand (units) Jan-Apr 2022 May-Aug 2022 Sep-Dec 2022 Jan-Apr 2023 May-Aug 2023 Sep-Dec 2023 320 360 400 260 240 220 a. Using Winter's method, calculate the one-step and two-step demand forecasts for the upcoming two 4-month periods (i.e., Jan-Apr 2024 and May-Aug 2024). Show each step of your work. b. Suppose that the demand for Jan-Apr 2024 turns out to be 180 units. Update the forecasting model using the following smoothing parameters: a (level) of 0.4, 3 (trend) of 0.3, andy (seasonality) of 0.1. Using the updated model, forecast the demand for May-Aug 2024. c. Suppose that the demand for May-Aug 2024 turns out to be 220 units. What is the MAPE value for your one-period-ahead forecasts? That means you must use your Jan-Apr 2024 forecast from part a and May-Aug 2024 forecast from part b.

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import pandas as pd Data data pdDataFrame Period JanApr 2022 MayAug 2022 SepDec 2022 JanApr 2023 May... View the full answer