Question: Please show work. 19. Given the daily sales data below, answer the following parts: (7 pts) a. Compute the Mean Error (bias) for Forecast Method
Please show work.
19. Given the daily sales data below, answer the following parts: (7 pts) a. Compute the Mean Error (bias) for Forecast Method A (using all data). b. Use a 3-day weighted moving average to compute the forecast for Days 5-8 (wts: .2.3,.5). c. Use exponential smoothing with a=.5 to forecast Days 5-8 (assume Day 1 forecast is 55). Forecast Wtd. Moving Exponential Day Sales Method A Average Smoothing 1 53 59 2 58 51 3 51 53 4 44 49 5 49 46 6 62 42 7 59 55 8 51 57
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
