Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12-3. The LawnPlus Fertilizer Company distributes fertilizer to various lawn and garden shops. The company must base its quarterly production schedule on a forecast of

image text in transcribed
12-3. The LawnPlus Fertilizer Company distributes fertilizer to various lawn and garden shops. The company must base its quarterly production schedule on a forecast of how many tons of fertilizer will be demanded from it. The company has gathered the following data for the past three years from its sales records. a. Compute a three-quarter moving average forecast for quarters 4 through 13 and compute the forecast error for each quarter. b. Compute a five-quarter moving average forecast for quarters 6 through 13 and compute the forecast error for each quarter. c. Compute a weighted three-quarter moving average forecast using weights of 0.50,0.33, and 0.17 for the most recent, next recent, and most distant data, respeetively, and compute the forecast error for each quarter. d. Compare the forecasts developed in parts (a), (b), and (c) using cumulative error. Which forecast appears to be most accurate? Do any exhibit any bias

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Heat Transfer

Authors: Jack Holman

10th edition

73529362, 978-0073529363

More Books

Students also viewed these Mechanical Engineering questions

Question

6. How do histories influence the process of identity formation?

Answered: 1 week ago