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Bruce is a street vendor selling T-shirts in New York City. His sales in past ten weeks are listed as below Weeks Sales a. Bruce
Bruce is a street vendor selling T-shirts in New York City. His sales in past ten weeks are listed as below | ||||||||
Weeks | Sales | a. Bruce wants to prepare for future sales. Please make forecast, based on historical data, for sales in week 11 and 12, using the following methods: moving average (3), moving average (4), moving average (5), exponential smoothing (0.1), exponential smoothing (0.4), and exponential smoothing (0.8). Plot the demand and forecasts in scatter plots. Compare the mean absolution deviation (MAD) and bias among these methods b. Please make forecast using the simple linear regression. What is the model? What is the significance of the regression model (R2, p-value of the slope)? | ||||||
1 | 33 | |||||||
2 | 31 | |||||||
3 | 31 | |||||||
4 | 37 | |||||||
5 | 40 | |||||||
6 | 33 | |||||||
7 | 50 | |||||||
8 | 45 | |||||||
9 | 55 | |||||||
10 | 60 | |||||||
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There are 3 Steps involved in it
Step: 1
Part A Forecasting Sales Using Different Methods Data Week Sales 1 33 2 31 3 31 4 37 5 40 6 33 7 50 8 45 9 55 10 60 Moving Average Forecasts 1 Moving Average 3week F t S t 1 S t 2 S t 3 3 Ft fracSt1 S...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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