Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Martin has recently established a cell phone repair service. Each customer pays an average of $4,000. He has been keenly tracking the number of customers
Martin has recently established a cell phone repair service. Each customer pays an average of $4,000. He has been keenly tracking the number of customers he received over the last 9 weeks as shown here. 17, 21,19,23,18,16,20,22,20 Working to 2 decimal places a) Develop the 3 week moving average forecast and the MAD8 marks b) Develop the 5 week moving average forecast and the MAD8 marks c) Use weights of 5 for the most recent week, 3 for the 2nd most recent, 3 for the 3rd most recent and 1 for the oldest week to establish a 4 Week Weighted Moving Average, and calculate the MAD. 10 marks One of Martin's customer, a recent Utech graduate has added another method of forecasting, Exponential Smoothing with Alpha, of 0.4. He however does not have a forecast for week1 d) Develop the exponential smoothing forecast and the MAD13 marks e) Of all the forecasting methods above (i.e in a,b,c,d) which is most accurate and Why.5 marks f) Using the most accurate method above, what is Martin's estimated gross revenue for week 10
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started