The worksheet Q4 contains data on the demand of a particular product for each month of...
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The worksheet Q4 contains data on the demand of a particular product for each month of the previous year. a) Forecast demand for the first month of the current year using a linear trendline (a graph should be included as part of your analysis), and an exponential smoothing model with a=0.6. b) Evaluate the MSE, MAD, MAPE and Bias based on the forecasting results from the previous year by each model. Which of the two methods do you prefer? Type your answers/explanations below your analysis in worksheet Q4. Months (Previous Year) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Demand 1,278.38 1,169.83 1,733.56 1,591.75 1,318.99 1,476.19 1,586.71 1,523.20 1,517.21 1,397.63 1,514.34 1,563.77 The worksheet Q4 contains data on the demand of a particular product for each month of the previous year. a) Forecast demand for the first month of the current year using a linear trendline (a graph should be included as part of your analysis), and an exponential smoothing model with a=0.6. b) Evaluate the MSE, MAD, MAPE and Bias based on the forecasting results from the previous year by each model. Which of the two methods do you prefer? Type your answers/explanations below your analysis in worksheet Q4. Months (Previous Year) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Demand 1,278.38 1,169.83 1,733.56 1,591.75 1,318.99 1,476.19 1,586.71 1,523.20 1,517.21 1,397.63 1,514.34 1,563.77
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Related Book For
Practical Management Science
ISBN: 978-1305250901
5th edition
Authors: Wayne L. Winston, Christian Albright
Posted Date:
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