Question: The 10 year historical demand data for a part is presented as follows: Determine the forecast for year 11 using the following forecasting approaches: a.

The 10 year historical demand data for a part is presented as follows:Year 1 2 3 4 5 6 7 8 9 10 Demand

Determine the forecast for year 11 using the following forecasting approaches:

a. Simple average

b. Simple 4-period moving average

c. Weighted 4-period moving average with: α1 = 0.4, α2 = 0.3, α3 = 0.2, α4 = 0.1

d. Exponentially weighted moving average with α = 0.75

e. Regression model

Year 1 2 3 4 5 6 7 8 9 10 Demand 2150 1900 2100 1850 2050 1900 2200 1900 2100 1850

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Construction Project Management Questions!