Question: Refer to the beer production forecasts, Exercise 14.25. In part a you obtained forecasts of 2014 and 2015 craft beer production using exponential smoothing with
Refer to the beer production forecasts, Exercise 14.25. In part a you obtained forecasts of 2014 and 2015 craft beer production using exponential smoothing with w = .3 and w = .7.
a. Calculate the forecast errors for the w = .3 exponentially smoothed forecasts.
b. Calculate the forecast errors for the w = .7 exponentially smoothed forecasts.
c. Calculate MAD, MAPE, and RMSE for the exponential smoothing forecasts using w = .3.
d. Calculate MAD, MAPE, and RMSE for the exponential smoothing forecasts using w = .7.
e. Refer to parts c and d. Which forecast method do you recommend?
a. Calculate the forecast errors for the w = .3 exponentially smoothed forecasts.
b. Calculate the forecast errors for the w = .7 exponentially smoothed forecasts.
c. Calculate MAD, MAPE, and RMSE for the exponential smoothing forecasts using w = .3.
d. Calculate MAD, MAPE, and RMSE for the exponential smoothing forecasts using w = .7.
e. Refer to parts c and d. Which forecast method do you recommend?
Step by Step Solution
★★★★★
3.34 Rating (166 Votes )
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
a From Exercise 1425a the forecasts for 20142015 using w 3 are T... View full answer
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
Document Format (1 attachment)
1346-M-S-S-D(5443).docx
120 KBs Word File