Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I would appreciate if you explain the process in detail. 1. Company A wants to test three major forecasting techniques on a historical data that

I would appreciate if you explain the process in detail. image text in transcribed
image text in transcribed
1. Company A wants to test three major forecasting techniques on a historical data that they have in terms of the forecasting accuracy on a certain product's weekly sales data. They have recorded the sales values in the last 13 weeks and you can see the corresponding value of each week as a time series data in the below table. Please use this historical data to perform the following actions: a) Plot the time series as a scatter plot (5 pts) b) Make forecasts starting from the 9th period for five periods using moving average method (you can choose n=5; that is the number of historical data points you should use in calculation) ( 5pts ) c) Make forecasts starting from the 9th period for five periods using weighted moving average method (you can use the following weight scheme wt2=0.3,wr2=0.2,wt3=0.2, wtt=0.15,wts=0.15 ) (5 pts) d) Make forecasts starting from the 9th period for five periods using exponential smoothing method (you can use smoothing factor as 0.25). (5 pts) e) Calculate the accuracy metrics we covered in class for all the methods you used above. Make a comparison between the techniques. ( 5pts )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Describe how language reflects, builds on, and determines context?

Answered: 1 week ago