Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

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... 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

Mathematical Applications For The Management, Life And Social Sciences

Authors: Ronald J. Harshbarger, James J. Reynolds

12th Edition

978-1337625340

More Books

Students also viewed these Mathematics questions

Question

Evaluate each sum if it exists. 5 i=1 4

Answered: 1 week ago

Question

=+d) Interpret the coefficient of the dummy variable named Q3.

Answered: 1 week ago