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Giapetto's Woodcarving, Inc. manufactures several types of wooden products. Geoff McQuilkin is the production manager for wooden chests and toy soldiers. It is now December
Giapetto's Woodcarving, Inc. manufactures several types of wooden products. Geoff McQuilkin is the production manager for wooden chests and toy soldiers. It is now December 31st2022. Geoff wishes to forecast next month's (January 2023) demand for both chests and soldiers. Historical demand for the last two years (2021 and 2022) (in thousands of units) for Wooden Chests and for the last three years (2020 to 2022) for Toy Soldiers (again in thousands of units) is given in Tables 1 and 2 below: Table 1: Historical Sales Figures for Wooden Chests (thousands of units) Table 2: Historical Sales Figures for Tov Soldiers (thousands of units) Build a spreadsheet model to forecast next month's demand (January 2023) for each product. Use exponential smoothing as the forecasting technique. Also set up your spreadsheet to compute the MAD, BIAS, and MSE. Assume any reasonable value for the alpha smoothing parameter. TOY SOLDIERS \begin{tabular}{|c|} \hline Smoothing \\ Parameter \\ for Forecast \\ Alpha ( ) \\ \hline \end{tabular} Giapetto's Woodcarving, Inc. manufactures several types of wooden products. Geoff McQuilkin is the production manager for wooden chests and toy soldiers. It is now December 31st2022. Geoff wishes to forecast next month's (January 2023) demand for both chests and soldiers. Historical demand for the last two years (2021 and 2022) (in thousands of units) for Wooden Chests and for the last three years (2020 to 2022) for Toy Soldiers (again in thousands of units) is given in Tables 1 and 2 below: Table 1: Historical Sales Figures for Wooden Chests (thousands of units) Table 2: Historical Sales Figures for Tov Soldiers (thousands of units) Build a spreadsheet model to forecast next month's demand (January 2023) for each product. Use exponential smoothing as the forecasting technique. Also set up your spreadsheet to compute the MAD, BIAS, and MSE. Assume any reasonable value for the alpha smoothing parameter. TOY SOLDIERS \begin{tabular}{|c|} \hline Smoothing \\ Parameter \\ for Forecast \\ Alpha ( ) \\ \hline \end{tabular}
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