Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Following data is sourced from the regulatory authorities. Usingthis data, build the below-given forecasting models: Naive Forecast 2 Months moving Average Exponential Smoothing (alpha

2. Following data is sourced from the regulatory authorities. Usingthis data, build the below-given forecasting models:

  • Naive Forecast
  • 2 Months moving Average
  • Exponential Smoothing (alpha =0.3)

Out of the above three, which model will give the most accurate results( Using MAD- Mean Absolute Deviation to compare the models)

Category Year Production
Light Commercial Vehicles 31-03-2006 68,922
Light Commercial Vehicles 31-03-2007 65,756
Light Commercial Vehicles 31-03-2008 83,195
Light Commercial Vehicles 31-03-2009 1,08,917
Light Commercial Vehicles 31-03-2010 1,38,890
Light Commercial Vehicles 31-03-2011 1,71,788
Light Commercial Vehicles 31-03-2012 2,25,724
Light Commercial Vehicles 31-03-2013 2,54,049
Light Commercial Vehicles 31-03-2014 2,24,587
Light Commercial Vehicles 31-03-2015 3,17,423
Light Commercial Vehicles 31-03-2016 4,08,193
Light Commercial Vehicles 31-03-2017 5,44,335
Light Commercial Vehicles 31-03-2018 5,53,184

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

Matching Supply with Demand An Introduction to Operations Management

Authors: Gerard Cachon, Christian Terwiesch

3rd edition

73525200, 978-0073525204

More Books

Students also viewed these General Management questions

Question

Explain the concept of sustainable development.

Answered: 1 week ago