Question: JUST NEED E AND F JUST NEED E AND F 2. Hospitality Hotels forecasts monthly labor needs. Monthly labor figures for a 4-month period were

JUST NEED E AND F

JUST NEED E AND F JUST NEED E AND F 2. JUST NEED E AND F

2. Hospitality Hotels forecasts monthly labor needs. Monthly labor figures for a 4-month period were as follows: Month Feb Mar Apr May Actual Values 41 40 38 42 Forecast June labor figures volume using each of the following techniques (Note: round off all values to two decimal places): a) Nave approach (the most appropriate one based on plotting the data) b) A four-month moving average c) A weighted moving average using 0.5, 0.2, 0.2 and 0.1 d) Exponential smoothing with a smoothing constant equal to 0.4 e) Linear Trend Equation f) Compare the forecast accuracy for a MAD metric using Exponential smoothing, and Linear Trend. Which among the two is a better technique for this data? a

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