Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions Submit your answers to all questions in a 1ill-lord document. Download the data sets and use Excel to solve the problems. Question: Download the

image text in transcribed
image text in transcribed
Instructions Submit your answers to all questions in a 1ill-lord document. Download the data sets and use Excel to solve the problems. Question: Download the data on thermostat sales. a. Calculate both the threemonth and the vemonth averages for these data. b. Plot the data to examine the possible existence of trend and seasonality. c. Prepare the following two (2] separate forecasting models to examine the thermostat's sales data using monthly data: i. An exponential smoothing model {$0.38, smoothing constant for the level} ii. Holt's model {o=l].l]4, smoothing constant for the level; B=E|.E|?, smoothing constant for the trend} d. Examine the accuracy of the forecast given by each model [four models: MAE, MAE, Simple Exponential smoothing and Holfs Method] by calculating the root mean square error [RMSE] for each during the historical period. e. Which model does minimize the RMSE? Carefully explain which characteristics of the original data caused one of these models to minimize the RMSE. f. Using Holt's method forecast 12 months of thermostat sales for EMT

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

International Marketing

Authors: Philip Cateora

16th Edition

0073529974, 9780073529974

More Books

Students also viewed these Economics questions

Question

Who is present when I give in to my bad habit?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago