Question
Consider the following data on full-service restaurant sales. Calculate both the three-month and five-month moving averages for these data, and compare the forecasts by calculating
Consider the following data on full-service restaurant sales. Calculate both the three-month and five-month moving averages for these data, and compare the forecasts by calculating the mean absolute percentage errors and MAPEs. The data are in millions of dollars. (c3p7)
Date | Sales (000,000) |
Jan-02 | 6910 |
Feb-02 | 6959 |
Mar-02 | 7268 |
Apr-02 | 7023 |
May-02 | 7555 |
Jun-02 | 7021 |
Jul-02 | 7297 |
Aug-02 | 7558 |
Sep-02 | 6945 |
Oct-02 | 7464 |
Nov-02 | 7138 |
Dec-02 | 7355 |
Jan-03 | 6854 |
Feb-03 | 6699 |
Mar-03 | 7324 |
Apr-03 | 7514 |
May-03 | 7898 |
Jun-03 | 7814 |
Jul-03 | 8049 |
Aug-03 | 8322 |
Sep-03 | 7730 |
Oct-03 | 8049 |
Nov-03 | 7449 |
Dec-03 | 7774 |
Jan-04 | 6998 |
Feb-04 | 7275 |
Mar-04 | 8177 |
Apr-04 | 8143 |
May-04 | 8364 |
Jun-04 | 8292 |
Jul-04 | 8689 |
Aug-04 | 8661 |
Sep-04 | 8080 |
Oct-04 | 8264 |
Nov-04 | 7822 |
Dec-04 | 8352 |
Jan-05 | 7507 |
Feb-05 | 7341 |
Mar-05 | 8243 |
Apr-05 | 8269 |
May-05 | 8615 |
Jun-05 | 8549 |
Jul-05 | 8902 |
Aug-05 | 9035 |
Sep-05 | 8271 |
Oct-05 | 8328 |
Nov-05 | 7987 |
Dec-05 | 8383 |
Jan-06 | 7532 |
Feb-06 | 7943 |
Mar-06 | 8685 |
Apr-06 | 8502 |
May-06 | 8977 |
Jun-06 | 8716 |
Jul-06 | 8978 |
Aug-06 | 9548 |
Sep-06 | 8675 |
Oct-06 | 9032 |
Nov-06 | 9005 |
Dec-06 | 8921 |
Jan-07 | 8688 |
Feb-07 | 8640 |
Mar-07 | 9592 |
Apr-07 | 9332 |
May-07 | 9976 |
Jun-07 | 9460 |
Jul-07 | 10071 |
Aug-07 | 10517 |
Sep-07 | 9539 |
Oct-07 | 9850 |
Nov-07 | 9227 |
Dec-07 | 9699 |
Jan-08 | 9147 |
Feb-08 | 9114 |
Mar-08 | 9972 |
Apr-08 | 9825 |
May-08 | 10423 |
Jun-08 | 10203 |
Jul-08 | 10458 |
Aug-08 | 10541 |
Sep-08 | 9844 |
Oct-08 | 10455 |
Nov-08 | 9715 |
Dec-08 | 10338 |
Jan-09 | 9583 |
Feb-09 | 9515 |
Mar-09 | 10385 |
Apr-09 | 10571 |
May-09 | 10792 |
Jun-09 | 10553 |
Jul-09 | 11083 |
Aug-09 | 10939 |
Sep-09 | 10297 |
Oct-09 | 11056 |
Nov-09 | 10229 |
Dec-09 | 10703 |
Jan-10 | 10092 |
Feb-10 | 10532 |
Mar-10 | 11464 |
Apr-10 | 11240 |
May-10 | 11393 |
Jun-10 | 11332 |
Jul-10 | 11752 |
Aug-10 | 11581 |
Sep-10 | 11257 |
Oct-10 | 11447 |
Nov-10 | 10742 |
Dec-10 | 11372 |
Jan-11 | 10726 |
Feb-11 | 10691 |
Mar-11 | 11919 |
Apr-11 | 11312 |
May-11 | 12002 |
Jun-11 | 12191 |
Jul-11 | 12374 |
Aug-11 | 12797 |
Sep-11 | 11292 |
Oct-11 | 11523 |
Nov-11 | 11259 |
Dec-11 | 12596 |
Jan-12 | 11520 |
Feb-12 | 11414 |
Mar-12 | 12696 |
Apr-12 | 12140 |
May-12 | 12857 |
Jun-12 | 12685 |
Jul-12 | 12873 |
Aug-12 | 13357 |
Sep-12 | 11743 |
Oct-12 | 12129 |
Nov-12 | 12003 |
Dec-12 | 12794 |
Jan-13 | 11811 |
Feb-13 | 11523 |
Mar-13 | 12957 |
Apr-13 | 12423 |
May-13 | 13741 |
Jun-13 | 13250 |
Jul-13 | 13673 |
Aug-13 | 14329 |
Sep-13 | 12465 |
Oct-13 | 13026 |
Nov-13 | 12606 |
Dec-13 | 13281 |
Jan-14 | 12953 |
Feb-14 | 12926 |
Mar-14 | 13709 |
Apr-14 | 13324 |
May-14 | 14042 |
Jun-14 | 13669 |
Jul-14 | 14572 |
Aug-14 | 14149 |
Sep-14 | 13268 |
Oct-14 | 13918 |
Nov-14 | 12992 |
Dec-14 | 14312 |
Jan-15 | 13202 |
Feb-15 | 13260 |
Mar-15 | 14359 |
Apr-15 | 14368 |
May-15 | 14687 |
Jun-15 | 14445 |
Jul-15 | 15142 |
Aug-15 | 14905 |
Sep-15 | 13982 |
Oct-15 | 14575 |
Nov-15 | 13838 |
Dec-15 | 15478
|
-
Plot the data presented in Exercise 7 to examine the possible existence of trend and seasonality in the data. (c3p11)
-
Prepare three separate exponential smoothing models to forecast the full-service restaurant sales data using the monthly data.
-
A simple smoothing model
-
Holts model
-
Winters model
-
-
Examine the accuracy of each model by calculating the mean absolute percentage error for each during the historical period. Explain carefully what characteristics of the original data led one of these models to have the lowest MAPE.Please post the steps or formulas using excel so I can figure out how to work back through the problem
please show the steps in excel so i can figure out what i am doing wrong
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started