Question: a . Given the following monthly labor figures, make a forecast for June using a three - period moving average and a five - period

a. Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g.
15.25.)
Month Actual Values
January
33
February
March
April
May
41
43
44
43
3-Period Moving Average
5-Period Moving Average
b. What would be the forecast for June using the nave method?
Forecast for June
c. If the actual labor figure for June turns out to be 42, what would be the forecast for July using each of these models? (Round answers to 2 decimal places, e.g.15.25.)
3-Period Moving Average
5-Period Moving Average
Nave method
d. Compare the accuracy of these models using the mean absolute deviation (MAD).(Round answers to 2 decimal places, e.g.15.25.)
MAD (3-period)
MAD (5-period)
MAD (nave)
e. Compare the accuracy of these models using the mean squared error (MSE).(Round answers to 2 decimal places, e.g.15.25.)
MSE (3-period)
MSE (5-period)
MSE (nave)
 a. Given the following monthly labor figures, make a forecast for

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!