Mitchell's Mills is a startup looking to break into the preparedness market with a revolutionary new...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mitchell's Mills is a startup looking to break into the preparedness market with a revolutionary new wheat grinder called the WG1. Since Mitchell's is a new company they do not have any historical data for sales of its flagship product, but they estimate they will be able to sell 485 in the month of April. The table below contains actual sales data for April and each of the succeeding five months (through September): Month Apr May Jun Jul Aug Sep WG1s Sold 446 408 446 452 446 463 Forecast 485 Suppose it was the beginning of May and you were asked develop a forecast for the month of May. Your only actual sales data was for the month of April. Because of this paucity of data you decide to use the exponential smoothing method for the construction of your forecasting model. You determine that an alpha value of 0.45 would be appropriate. Based on the above information, what would have been your forecast for the month of May? (Display your answer to two decimal places.) If you follow this same forecasting process through all the months, continuing with June and going through September, what would be the forecast in the month of September? (Display your answer to two decimal places.) Number What is the MAD for this forecast (based on six months of forecasts-April through September)? (Display your answer to two decimal places) Number What is the MAPE for this forecast (based on six months of forecasts-April through September)? (Write your answer as a percentage, and display your answer to two decimal places.) % Mitchell's Mills is a startup looking to break into the preparedness market with a revolutionary new wheat grinder called the WG1. Since Mitchell's is a new company they do not have any historical data for sales of its flagship product, but they estimate they will be able to sell 485 in the month of April. The table below contains actual sales data for April and each of the succeeding five months (through September): Month Apr May Jun Jul Aug Sep WG1s Sold 446 408 446 452 446 463 Forecast 485 Suppose it was the beginning of May and you were asked develop a forecast for the month of May. Your only actual sales data was for the month of April. Because of this paucity of data you decide to use the exponential smoothing method for the construction of your forecasting model. You determine that an alpha value of 0.45 would be appropriate. Based on the above information, what would have been your forecast for the month of May? (Display your answer to two decimal places.) If you follow this same forecasting process through all the months, continuing with June and going through September, what would be the forecast in the month of September? (Display your answer to two decimal places.) Number What is the MAD for this forecast (based on six months of forecasts-April through September)? (Display your answer to two decimal places) Number What is the MAPE for this forecast (based on six months of forecasts-April through September)? (Write your answer as a percentage, and display your answer to two decimal places.) %
Expert Answer:
Answer rating: 100% (QA)
ANSWER 1 April actual 405 2 Forecast for May when only April actual was known Alpha Actual 1Alpha Fo... View the full answer
Related Book For
Managing Business Ethics Making Ethical Decisions
ISBN: 9781506388595
1st Edition
Authors: Alfred A. Marcus, Timothy J. Hargrave
Posted Date:
Students also viewed these general management questions
-
Googles ease of use and superior search results have propelled the search engine to its num- ber one status, ousting the early dominance of competitors such as WebCrawler and Infos- eek. Even later...
-
1. How strong are the competitive forces confronting J. Crew in the market for specialty retail? Do a [Michael Porter] five-forces analysis to support your answer. (see chapter 3 in the textfor...
-
You are asked to verify Kepler's Laws of Planetary Motion. For these exercises, assume that each planet moves in an orbit given by the vector- valued function r. Let r = ||r||, let G represent the...
-
A bank quotes you an interest rate of 7% per annum with quarterly compounding. What is the equivalent rate with (a) Continuous compounding (b) Annual compounding?
-
Answer the following questions about the production-distribution chain: a. How do you plan to distribute your product to your target market? b. What is the estimated delivery time between when you...
-
What are the primary advantages of resolving a case through alternative dispute resolution methods rather than going to trial? In what situations might a trial be preferable?
-
The Alpine House, Inc., is a large retailer of winter sports equipment. An income statement for the companys Ski Department for a recent quarter is presented below: Skis sell, on the average, for...
-
a) Explain the following terms as used in real estate appraisals i. Value in use ii. iii. Liquidation value Insurable value b) Describe the cost approach of real estate valuation c) Explain the...
-
Bright Sparks Electrical - Bank Register Report: Now that you have completed the journals for the month, you need to prepare the Bank Register Report in the template below. Not all general journals...
-
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent): Sales Depreciation Cost of goods sold. Other expenses Interest Cash Accounts receivable Short-term...
-
Consider the Bertrand duopoly discussed in class. Assume each firm has constant marginal cost c = 10 and zero fixed cost. Each firm chooses a price Pi 0. The market demand is given by Q = 130 P,...
-
Amy Austin is considering going back to school at nights. She will either get a masters degree in Accounting (her first degree is in Accounting) or an MBA She has calculated the net present value...
-
How did you apply active listening to seek information and confirm your understating as you interacted with a child or group of children?
-
Why, in fact, does Marxism breed regimes which are totalitarian in nature? How does multiculturalism at play?
-
3. Consider a two period problem where a consumer has preferences over consumption in the two periods given by: log c + Blog c'. She has no initial assets and has income y in the first period y' in...
-
For each statement below, circle either "true" or "false" as appropriate. Correct answers are worth one point, incorrect answers lose one point. (a) true / false All the methods in a Java abstract...
-
Modify the counter from Exercise 5.44 such that the counter will either increment by 4 or load a new 32-bit value, D, on each clock edge, depending on a control signal Load. When Load = 1, the...
-
You are on the management team of a rapidly growing apparel company that had $780 million in sales last year and is projecting an additional $150 million in sales this year. You have been invited to...
-
Mayo Elton is the chief ethics officer at Hawthorne Manufacturing. He has established a code of conduct that prohibits stealing supplies and equipment from the factory floor and also imposes strict...
-
USMNC has just purchased Latin America Metallurgy Company (LAMC) from a competitor. LAMC is located near Managua, Nicaragua. There has been rapid growth in worldwide demand for the sheet metal and...
-
Action Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2025. 1. Purchased a 1-year insurance policy on June 1 for $1,800 cash. 2....
-
With each pass of a comet about the Sun, the comets mass (a) remains virtually unchanged. (b) actually increases. (c) is appreciably reduced.
-
Why is carbon such a special atom?
Study smarter with the SolutionInn App