Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
FitWell Gym is interested in forecasting its monthly membership sign-ups over 12 months. The average monthly sign-ups for the past 12 months are provided as
FitWell Gym is interested in forecasting its monthly membership sign-ups over 12 months. The average monthly sign-ups for the past 12 months are provided as follows: Month Sign-ups 1 150 2 165 3 140 4 170 5 185 6 175 7 155 8 180 9 200 10 215 11 195 12 225 The gym manager is open to suggestions for forecasting models and decides to try both a linear trend model and an adjusted exponential smoothing model with an alpha of 0.4 and a beta of 0.3. Generate forecasts for all 12 months using these techniques and then calculate forecast errors using MAD to determine which is the superior method in this scenario. Using the superior method, what is the forecast for Month 13
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started