York university parking services forecasted the number of parking passes issued monthly given the following table,...
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York university parking services forecasted the number of parking passes issued monthly given the following table, if the Mean Error (ME) = 11, determine what the actual value of the number of parking passes issue must have been in May(A3). Month Number of Parking Passes issued March 1490 April 1040 May A3=? June 2525 1900 2122 July August Part I (b) York university parking services also wants to forecast the number of parking passes issued monthly and revenue (in thousands) generated from these parking passes. The data for six months in 2021 is in the table below. Month Number of Passes March April May June July August Forecast 1455 1050 2675 2450 1950 2125 1490 1040 A3=? 2525 1900 2122 Revenue(in thousands) 170 120 300 250 270 350 If you want to compare the forecast accuracy of these two different time series(number of passes issued and revenue), what measurement of the forecast accuracy have you applied? Part I(C) Using the table given in Part I (b), Forecast the revenue of September using the 3-month moving average method and the exponential smoothing method with a smoothing constant of 0.4. Part I(d) Using the forecast information of revenue in Part I(c), calculate the measurement of the forecast accuracy you selected in Part I (b) Do you prefer the 3-month moving average method or the exponential smoothing method? Why? York university parking services forecasted the number of parking passes issued monthly given the following table, if the Mean Error (ME) = 11, determine what the actual value of the number of parking passes issue must have been in May(A3). Month Number of Parking Passes issued March 1490 April 1040 May A3=? June 2525 1900 2122 July August Part I (b) York university parking services also wants to forecast the number of parking passes issued monthly and revenue (in thousands) generated from these parking passes. The data for six months in 2021 is in the table below. Month Number of Passes March April May June July August Forecast 1455 1050 2675 2450 1950 2125 1490 1040 A3=? 2525 1900 2122 Revenue(in thousands) 170 120 300 250 270 350 If you want to compare the forecast accuracy of these two different time series(number of passes issued and revenue), what measurement of the forecast accuracy have you applied? Part I(C) Using the table given in Part I (b), Forecast the revenue of September using the 3-month moving average method and the exponential smoothing method with a smoothing constant of 0.4. Part I(d) Using the forecast information of revenue in Part I(c), calculate the measurement of the forecast accuracy you selected in Part I (b) Do you prefer the 3-month moving average method or the exponential smoothing method? Why?
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I a From the given information Month March 1490 April 1040 May A3 June 2525 July 1900 August 2122 Gi... View the full answer
Related Book For
Elementary Statistics
ISBN: 978-0538733502
11th edition
Authors: Robert R. Johnson, Patricia J. Kuby
Posted Date:
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