Question: solve this question with excel spreadsheet model the forecasting problem by using linear regression and winter's method with the datas given of black plastic and

solve this question with excel spreadsheet model the forecasting problem by using linear regression and winter's method
with the datas given of black plastic and white plastic solve this question with excel spreadsheet model
ABC Company founded in 1978 , produced two types of plastic containers. ABC turns polystyrene resin into recyclable'disposable containers for the food industry. Polystyrene is purchased as a commodity in the form of resin pellets. The resin is unloaded from bulk rail containers or overland trailers into storage silos. Making food containers is a two-step process. First, the resin is conveyed to an extruder, which converts it into a polystyrene sheet that is wound into rolls. Plastic comes in two foms- white and black. The rolls are either used immediately to make containers or are put into storage. Second, the rolls are loaded onto thermoforming presses, which form the shect into containers and trim the containers from the sheet. Over the past five years, the plastic packing business has grown steadily. Demand for containers made from white plastic comes from grocery stores, bakeries, and restaurants. Caterers and grocery stores use black plastic trays as packing and serving trays. Demand for white plastic containers peaks in the summer months, whereas demand for black plastic containers peaks in the years. The capacity of the extruders is not sufficient to cover the demand for sheets during the peak seasons. As a result, the plant is forced to build an inventory of each type of shect in anticipation of future demand. The given Table on page 2 displays the historical quarterly demand for each of the two types of containers (white and black). The production Planning Manager has hired you to determine the best technique for forecasting demand based on the given data. You should work out this forecasting problem and summaries your contribution in a brief report. You should do the following: 1. Plot the available data and analyre the pattem. 2. Using an Excel spreaduhect model the forecasting problem with linear regression for both plastic demands. Design your spreadsheet so that as new data points are typed in the regression estimators will be updated automatically. Detemine 2022 and 2023 year forecast values. Compute the MSE for both products. 3. Using Excel construct forecasting with Winter's Method. Your spreadsheet should allow the user to modify all the forecasting parameters (if any). Determine 2022 and 2023 year forecast values. Compute the MSE for both products. 4. Compare the forecast results found in parts 2 and 4. Which method should you choose? Why? 5. What is your recomamendation for the company

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!