Question: is this correct?Complaints data: February ( 1 5 ) , March ( 1 6 ) , April ( 2 0 ) , May ( 2
is this correct?Complaints data: February March April May June July August
Forecasting methods: month moving average, exponential smoothing smoothing constant weighted average weights: Aug July
Apply the forecasting methods:
amonth moving average:
Average of May, June, July, and August:
Forecast for September:
b Exponential smoothing:
Forecast for September: Ft Yt Ft where is the smoothing constant
Initial forecast for August: FAug August complaints
Forecast for September: FSept
c Weighted average:
Forecast for September:
June
Compare the results:
month moving average: Forecast for September
Exponential smoothing: Forecast for September
Weighted average: Forecast for September
Determine the most appropriate method:
Comparing the forecasted values, we find that the month moving average method provides a forecast of which is the closest to the actual number of complaints received in September.
Method
Forecast for September
month moving average
Exponential smoothing
Weighted average
Based on the given data, the month moving average method is the most appropriate for forecasting September's complaint volume, with an estimated value of
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