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Following table shows the weekly sales of digital cameras at electronic retail store: Week Number ofdigital camerasSold Forecast using 3 period moving average Error Forecast
Following table shows the weekly sales of digital cameras at electronic retail store:
Week | Number ofdigital camerasSold | Forecast using 3 period moving average | Error | Forecast using exponential smoothing (with =0.3) | Error |
1 | 23 | ||||
2 | 14 | ||||
3 | 26 | ||||
4 | 33 | ||||
5 | 29 | ||||
6 | 20 | ||||
7 | |||||
8 |
Answer the following questions based on the data given above.Show your calculations.
- What is the expected sales for the 4th & 7th week based on 3 period moving average? (15 Points)
ANSWER:
- What would have been the expected sales for the 5th week based on exponential smoothing with = 0.3? (15 Points)
ANSWER:
- Which of the above two forecasting method is better based on MSE? Why? (20 Points)
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