Question: My question is: How do I set up the Forecasting Wizard using Stat Tools (in Palisade Decision Tools in Excel) to answer the question below?
My question is: How do I set up the Forecasting Wizard using Stat Tools (in Palisade Decision Tools in Excel) to answer the question below?
Textbook Problem:
The file P13_20.xlsx* contains the monthly sales of iPod cases at an electronics store for a two-year
period. Use the moving averages method, with spans of your choice, to forecast sales for the next six months. Does this method appear to track sales well? If not, what might be the reason?
* I am not attaching a file. The relevant data is shown below.
| Month | Cases sold |
| 1 | 35 |
| 2 | 63 |
| 3 | 61 |
| 4 | 58 |
| 5 | 46 |
| 6 | 59 |
| 7 | 46 |
| 8 | 67 |
| 9 | 82 |
| 10 | 81 |
| 11 | 77 |
| 12 | 72 |
| 13 | 77 |
| 14 | 65 |
| 15 | 97 |
| 16 | 79 |
| 17 | 67 |
| 18 | 64 |
| 19 | 92 |
| 20 | 133 |
| 21 | 94 |
| 22 | 99 |
| 23 | 103 |
| 24 | 99 |
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
