Question: For a product the demand data has been shown in the table below for the year. Compare the forecasts using a moving average forecasting method

For a product the demand data has been shown in the table below for the year. Compare the forecasts using a moving average forecasting method with a period of 5 months and an Exponential Smoothing Method with an of 1/3. For Exponential Smoothing use the midpoint of first 5-month range of the average as the initial forecast. (Updated Hint: the Exponential Smoothing Forecast therefore in March 2013 for April 2013 will be 4951). Which method is better? Why? The months and respective demands are given below

Jan - 4576

Feb - 5568

Mar - 3240

Apr - 5978

May - 5395

Jun - 4644

Jul - 5880

Aug - 6096

Sep - 5967

Oct - 5828

Nov - 5808

Dec - 6076

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!

Question 1 - 10 marks Katie Posh runs an upscale nail salon. The service process includes five activities that are conducted in the sequence described below. (The time required for each activity is...

For a product the demand data has been shown in the table below for the year. Compare the forecasts using a moving average forecasting method with a period of 5 months and an Exponential Smoothing...

Preblem 3 . Qusatitalive Farteasting ( a ) The table below lists the weekly demand data of the Ben & Jerry s Chunky Monkey flavor ice cream. Please use the simple moving average forecasting method to...

The question have no problem, if you think some part does not make sense, you can explain it briefly, thank you. Port of Sydney, located in Port Botany NSW, handle thousands of containers per annum....

Case 10-1 Finagling the Forecasts Mark Lawrence has been pursuing a vision for more than two years. This pursuit began when he became frustrated in his role as director of Human Resources at Cutting...

15. The mix of equipment and human skills in a process determines the level of: A) process structure B) capital intensity C) customer involvement D) resource flexibility E) None of the above A...

M7_A1. Jennifer Kelly is a WCU student who has just finished her junior year. The data in Worksheet A1 summarizes her grade point average (GPA) for each of the last 9 semesters. a) Compute the...

Jill Smith has joined recently as the forecasting manager for a consumer electronic retailer BigBuy. She is interested in developing quarterly sales forecasts for one of the companys key products....

On the "data and template" tab I am required to show work as well. A B D H M Holt-Winter's method Three-period moving average 1 Alpha Beta Gamma 0.200 0.100 0.200 MAD ME MAD ME Demand Base level...

Use mathematical induction to prove each of the following. a. b. c. The sum of n terms of an arithmetic sequence: a1 + (a1 + d) + (a1 + 2d) + ....... + [a1 + (n - 1) d] = n / 2 [2a1 + (n - 1)d) (i t-...

Yates, a vice president of the Washington Irving Bank, met with Morrow. They reached an agreement whereby the bank promised to loan Morrow money at 7.5 percent interest per year for ten years if...

Two methods of amortization of a discount or premium are used by businesses. These two methods are the effective interest method and the straight - line method. Required: a . Explain how premiums and...

E-R Data modeling The Spring Orchestra Festival is interested in creating a database that maintains information about the orchestras that have participated in the festival as well as their...