Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the entirety of both questions Demand (Yt) for milk (in gallons) at a local grocery store is as follows during the past 8

Please answer the entirety of both questions

Demand (Yt) for milk (in gallons) at a local grocery store is as follows during the past 8 months.

Week

Demand (Yt)

1

200

2

210

3

190

4

185

5

198

6

205

7

195

8

207

  1. What are the forecasted demands (Ft) using the 3 MA (3-period moving average) method and the exponential smoothing method (use =0.2)? Please show all the relevant calculations. (10 points)
  2. Calculate the MAE, MSE & MAPE values for the 3 MA (3-period moving average) method and the exponential smoothing method ( use =0.2). Please show all the relevant calculations. Which method do you recommend for future demand predictions based on the MAPE criterion and why? (10 points)

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

Calculus Early Transcendental Single Variable

Authors: Howard Anton, Irl C Bivens, Stephen Davis

11th Edition

1118885589, 9781118885581

More Books

Students also viewed these Mathematics questions