Question: Your manager is trying to determine what forecasting method to use. Based on the following historical data, calculate the following forecast and specify what procedure
Your manager is trying to determine what forecasting method to use. Based on the following historical data, calculate the following forecast and specify what procedure you would utilize.
MONTHACTUAL DEMAND
a Calculate the simple threemonth moving average forecast for periods Round your answers to decimal places.
b Calculate the weighted threemonth moving average for the periods using weights of for the period t; for the period t and for the period tRound your answers to decimal place.
c Calculate the single exponential smoothing forecast for periods using an initial forecast F of and an of Round your answers to decimal places.
d Calculate the exponential smoothing with trend component forecast for periods using an initial trend forecast T of an initial exponential smoothing forecast F of an of and a of Round your answers to decimal places.
e Calculate the mean absolute deviation MAD for the forecasts made by each technique in periods Round your answers to decimal places.
e Which forecasting method is best?
multiple choice
Single exponential smoothing forecast
Threemonth moving average
Exponential smoothing with trend forecast
Threemonth weighted moving average
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
