Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need to check my calculations, I am pretty confident that I calculated correctly, but I want to be sure. Also, I am struggling with
I need to check my calculations, I am pretty confident that I calculated correctly, but I want to be sure. Also, I am struggling with question 6. Please, please make sure to answer question 6. Thank you in advance for your help!
Forecasting
Historical demand for a product is:
Month | Demand |
January | 12 |
February | 11 |
March | 15 |
April | 12 |
May | 16 |
June | 15 |
- Using a weighted moving average with weights of 0.60, 0.30, and 0.10, find the July forecast.
- Using a simple three-month moving average, find the July forecast.
- Using single exponential smoothing with =0.2 and a June forecast = 13, find the July forecast.Make whatever assumptions you wish.
- Using simple linear regression analysis, calculate the regression equation for the preceding demand data.
- Using the regression equation in d, calculate the forecast for July.
- Use MSE and MAD to evaluate performance of these models. Which model would you recommend for forecasting? Justify your answer.
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