Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a . Given the following monthly labor figures, make a forecast for June using a three - period moving average and a five - period

a. Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g.
15.25.)
Month Actual Values
January
33
February
March
April
May
41
43
44
43
3-Period Moving Average
5-Period Moving Average
b. What would be the forecast for June using the nave method?
Forecast for June
c. If the actual labor figure for June turns out to be 42, what would be the forecast for July using each of these models? (Round answers to 2 decimal places, e.g.15.25.)
3-Period Moving Average
5-Period Moving Average
Nave method
d. Compare the accuracy of these models using the mean absolute deviation (MAD).(Round answers to 2 decimal places, e.g.15.25.)
MAD (3-period)
MAD (5-period)
MAD (nave)
e. Compare the accuracy of these models using the mean squared error (MSE).(Round answers to 2 decimal places, e.g.15.25.)
MSE (3-period)
MSE (5-period)
MSE (nave)
image text in transcribed

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

Management Information Systems Managing The Digital Firm

Authors: Kenneth C Laudon, Jane P Laudon

14th Edition

013389830X, 9780133898309

More Books

Students also viewed these General Management questions

Question

2. How do I perform this role?

Answered: 1 week ago