Use Holt-Winters additive method to create a seasonal model that minimizes the MSE for the data set.
Question:
Use Holt-Winter’s additive method to create a seasonal model that minimizes the MSE for the data set. Use Solver to determine the optimal values of α, β, and γ.
a. What are the optimal values of α, β, and γ?
b. Prepare a line graph comparing the predictions from this method against the original data.
c. What are the forecasts for the next four months using this technique?
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a 016165 00 g 039724 MSE 05432 b Base Seasonal Seasonal Year Month Period Avg Hrs Level Trend Factor Forecast alpha 016165 1998 Jan 1 344 01 beta 0 Fe...View the full answer
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Related Book For
Spreadsheet Modeling & Decision Analysis A Practical Introduction to Management Science
ISBN: 978-0324656633
5th edition
Authors: Cliff T. Ragsdale
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