Plot the data presented in Exercise 7 to examine the possible existence of trend and seasonality in
Question:
Plot the data presented in Exercise 7 to examine the possible existence of trend and seasonality in the data.
- Prepare three separate exponential smoothing models to forecast the full-service restaurant sales data using the monthly data.
- Prepare three separate exponential smoothing models to forecast the full-service restaurant sales data using the monthly data.
- Examine the accuracy of each model by calculating the mean absolute percentage error for each during the historical period. Explain carefully what characteristics of the original data led one of these models to have the lowest MAPE.
Data from Exercise 7
Date | Sales (000,000) | Date | Sales (000,000) | Date | Sales (000,000) | Date | Sales (000,000) | |||
Jan-02 | 6910 | Aug-05 | 9035 | Feb-09 | 9515 | Sep-12 | 11743 | |||
Feb-02 | 6959 | Sep-05 | 8271 | Mar-09 | 10385 | Oct-12 | 12129 | |||
Mar-02 | 7268 | Oct-05 | 8328 | Apr-09 | 10571 | Nov-12 | 12003 | |||
Apr-02 | 7023 | Nov-05 | 7987 | May-09 | 10792 | Dec-12 | 12794 | |||
May-02 | 7555 | Dec-05 | 8383 | Jun-09 | 10553 | Jan-13 | 11811 | |||
Jun-02 | 7021 | Jan-06 | 7532 | Jul-09 | 11083 | Feb-13 | 11523 | |||
Jul-02 | 7297 | Feb-06 | 7943 | Aug-09 | 10939 | Mar-13 | 12957 | |||
Aug-02 | 7558 | Mar-06 | 8685 | Sep-09 | 10297 | Apr-13 | 12423 | |||
Sep-02 | 6945 | Apr-06 | 8502 | Oct-09 | 11056 | May-13 | 13741 | |||
Oct-02 | 7464 | May-06 | 8977 | Nov-09 | 10229 | Jun-13 | 13250 | |||
Nov-02 | 7138 | Jun-06 | 8716 | Dec-09 | 10703 | Jul-13 | 13673 | |||
Dec-02 | 7355 | Jul-06 | 8978 | Jan-10 | 10092 | Aug-13 | 14329 | |||
Jan-03 | 6854 | Aug-06 | 9548 | Feb-10 | 10532 | Sep-13 | 12465 | |||
Feb-03 | 6699 | Sep-06 | 8675 | Mar-10 | 11464 | Oct-13 | 13026 | |||
Mar-03 | 7324 | Oct-06 | 9032 | Apr-10 | 11240 | Nov-13 | 12606 | |||
Apr-03 | 7514 | Nov-06 | 9005 | May-10 | 11393 | Dec-13 | 13281 | |||
May-03 | 7898 | Dec-06 | 8921 | Jun-10 | 11332 | Jan-14 | 12953 | |||
Jun-03 | 7814 | Jan-07 | 8688 | Jul-10 | 11752 | Feb-14 | 12926 | |||
Jul-03 | 8049 | Feb-07 | 8640 | Aug-10 | 11581 | Mar-14 | 13709 | |||
Aug-03 | 8322 | Mar-07 | 9592 | Sep-10 | 11257 | Apr-14 | 13324 | |||
Sep-03 | 7730 | Apr-07 | 9332 | Oct-10 | 11447 | May-14 | 14042 | |||
Oct-03 | 8049 | May-07 | 9976 | Nov-10 | 10742 | Jun-14 | 13669 | |||
Nov-03 | 7449 | Jun-07 | 9460 | Dec-10 | 11372 | Jul-14 | 14572 | |||
Dec-03 | 7774 | Jul-07 | 10071 | Jan-11 | 10726 | Aug-14 | 14149 | |||
Jan-04 | 6998 | Aug-07 | 10517 | Feb-11 | 10691 | Sep-14 | 13268 | |||
Feb-04 | 7275 | Sep-07 | 9539 | Mar-11 | 11919 | Oct-14 | 13918 | |||
Mar-04 | 8177 | Oct-07 | 9850 | Apr-11 | 11312 | Nov-14 | 12992 | |||
Apr-04 | 8143 | Nov-07 | 9227 | May-11 | 12002 | Dec-14 | 14312 | |||
May-04 | 8364 | Dec-07 | 9699 | Jun-11 | 12191 | Jan-15 | 13202 | |||
Jun-04 | 8292 | Jan-08 | 9147 | Jul-11 | 12374 | Feb-15 | 13260 | |||
Jul-04 | 8689 | Feb-08 | 9114 | Aug-11 | 12797 | Mar-15 | 14359 | |||
Aug-04 | 8661 | Mar-08 | 9972 | Sep-11 | 11292 | Apr-15 | 14368 | |||
Sep-04 | 8080 | Apr-08 | 9825 | Oct-11 | 11523 | May-15 | 14687 | |||
Oct-04 | 8264 | May-08 | 10423 | Nov-11 | 11259 | Jun-15 | 14445 | |||
Nov-04 | 7822 | Jun-08 | 10203 | Dec-11 | 12596 | Jul-15 | 15142 | |||
Dec-04 | 8352 | Jul-08 | 10458 | Jan-12 | 11520 | Aug-15 | 14905 | |||
Jan-05 | 7507 | Aug-08 | 10541 | Feb-12 | 11414 | Sep-15 | 13982 | |||
Feb-05 | 7341 | Sep-08 | 9844 | Mar-12 | 12696 | Oct-15 | 14575 | |||
Mar-05 | 8243 | Oct-08 | 10455 | Apr-12 | 12140 | Nov-15 | 13838 | |||
Apr-05 | 8269 | Nov-08 | 9715 | May-12 | 12857 | Dec-15 | 15478 | |||
May-05 | 8615 | Dec-08 | 10338 | Jun-12 | 12685 | |||||
Jun-05 | 8549 | Jan-09 | 9583 | Jul-12 | 12873 | |||||
Jul-05 | 8902 | Aug-12 | 13357 |
Step by Step Answer:
Forecasting And Predictive Analytics With Forecast X
ISBN: 1860
7th Edition
Authors: J. Holton Wilson, Barry Keating