Question
Sales (in thousands) of the new Thorton Model 506 convection oven over the eight-week period since its introduction are shown in the following table. Week
Sales (in thousands) of the new Thorton Model 506 convection oven over the eight-week period since its introduction are shown in the following table. Week Sales 1 18.5 2 21.5 3 25.1 4 22.5 5 24.7 6 19.1 7 21.8 8 23.9 (a) Which exponential smoothing model provides better forecasts, one using = 0.6 or = 0.2? Compare them using mean squared error. = 0.2 = 0.6 (b) Using the = 0.6 forecast model in part (a), what is the forecast (in thousands) for Week 9? (Round your answer to three decimal places.) thousand Using the = 0.2 forecast model in part (a), what is the forecast (in thousands) for Week 9? (Round your answer to three decimal places.) thousand
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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