Question: 4. Company A wants to test three major forecasting techniques on a historical data that they have in terms of the forecasting accuracy on a

4. Company A wants to test three major forecasting techniques on a historical data that they have in terms of the forecasting accuracy on a certain product's weekly sales data. They have recorded the sales values in the last 13 weeks and you can see the corresponding value of each week as a time series data in the below table. Please use this historical data to perform the following actions: a) Plot the time series as a scatter plot (4 pts) b) Make forecasts starting from the 9th period for five periods using moving average method (you can choose n=5; that is the number of historical data points you should use in calculation) (4 pts) c) Make forecasts starting from the 9th period for five periods using weighted moving average method (you can use the following weight scheme wt1=0.3,wt2=0.2,wt3=0.2, wt4=0.15,wt5=0.15)(4pts) d) Make forecasts starting from the 9th period for five periods using exponential smoothing method (you can use smoothing factor as 0.25 ) . (4 pts) e) Calculate the accuracy metrics we covered in class for all the methods you used above. Make a comparison between the techniques. (HINT: The numbers in red italic is used for performance assessment. ( 3 pts) Company B have made a recent study on their historical data of the unit order price of a certain product. Based on this monthly time series they have discovered two behaviors regarding the factor(i.e. price) they want to forecast. The first behavior was a positive trend in the values. They were able to fit a linear trend line to the available data. However they have realized that it was not enough to account for all the fluctuations. The following investigation revealed that the price values were also fluctuating based on seasonal effects. Eventually they were able to build a

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 General Management Questions!

Better Burgers reported the following numbers (in millions) for the years ending February 2017 and 2018. 2017 Net income Dividends Total assets Total equity 2018 $ 1,497 213 12,848 4,574 $13,660...

a b c d e 4. Company A wants to test three major forecasting techniques on a historical data that they have in terms of the forecasting accuracy on a certain product's weekly sales data. They have...

1. The short paragraph that explains the reason for an organization's existence is called statement. 2. How effectively an organization meets the wants and needs of customers relative to others that...

105 points in Total (5 points bonus) Part A 1. The short paragraph that explains the reason for an organization's existence is called statement. 2. How effectively an organization meets the wants and...

help please:( 105 points in Total ( 5 points bonus) Part A 1. The short paragraph that explains the reason for an organization's existence is called statement. 2. How effectively an organization...

Part B 1. A company that produces fruits and vegetables is able to produce 400 cases of canned peaches in one and a half hour with four workers. a. Use the labor-productivity metric we used in class...

4. Company A wants to test three major forecasting techniques on a historical data that they have. in terms of the forecasting accuracy on a certain product's weekly sales data. They have recorded...

Fraser Co. is considering a change to its cost structure. Below is the data relating to the current structure as well as the proposed change. Current Structure Proposed Structure Unit Sales Sales...

Absarokee Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. (a) Should the tree cutting, land...

0 0 There were many causes that contributed to the financial crisis of 2 0 0 7 - 2 0 0 8 . Which of the statements most accurately describes the role of collateralized debt obligations, referred to...

As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes...