Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast...

 

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Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. Month January February March April May Actual Values 34 47 Forecast for June 42 3-Period Moving Average 5-Period Moving Average 43 43 (b) What would be the forecast for June using the naïve method? (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? Naïve method 3-Period Moving Average 5-Period Moving Average (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 (naïve) (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 (naïve) Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. Month January February March April May Actual Values 34 47 Forecast for June 42 3-Period Moving Average 5-Period Moving Average 43 43 (b) What would be the forecast for June using the naïve method? (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? Naïve method 3-Period Moving Average 5-Period Moving Average (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 (naïve) (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 (naïve)

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a To calculate the forecasts for June using a threeperiod moving average and a fiveperiod moving ave... View the full answer