Monthly data for the sales of certain product at a local company during the las 9 periods are shown in below table. (Fill all the blanks. Allow 2 decimal values). a. Determine the forecasts for periods 5 through 9 using three-period moving averages, and the forecasts for periods 7 and 9 using six-month period moving averages. b.Calculate the forecast errors for three-period moving averages and forecast errors for six-period moving averages. c. Calculate the MAD for three-period moving averages and six-period moving averages. d. If a smoothing constant of 0.4 was analyzed for the data, and you were informed that forecast for period 1 was 1,450; based on these assumptions, calculate the forecast for period 2.
Monthly data for the sales of certain product at a local company during the las 9 periods are shown in below table. (Fill all the blanks. Allow 2 decimal values). a. Determine the forecasts for periods 5 through 9 using three-period moving averages, and the forecasts for periods 7 and 9 using six-month period moving averages. b.Calculate the forecast errors for three-period moving averages and forecast errors for six-period moving averages. c. Calculate the MAD for three-period moving averages and six-period moving averages. d. If a smoothing constant of 0.4 was analyzed for the data, and you were informed that forecast for period 1 was 1,450; based on these assumptions, calculate the forecast for period 2.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Monthly data for the sales of certain product at a local company during the las 9 periods are shown in below table. (Fill all the blanks. Allow 2 decimal values).
a. Determine the forecasts for periods 5 through 9 using three-period moving averages, and the forecasts for periods 7 and 9 using six-month period moving averages.
b.Calculate the
c. Calculate the MAD for three-period moving averages and six-period moving averages.
d. If a smoothing constant of 0.4 was analyzed for the data, and you were informed that forecast for period 1 was 1,450; based on these assumptions, calculate the forecast for period 2.
Transcribed Image Text:Month
1
2
3
4
5
6
7
8
9
Sales
1500
1550
1600
1250
1300
1400
1395
1458
1350
MAF (3)
Error
MAF (6)
Error
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps with 8 images
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.