The actual demand of a product (in units) in week 1 through week 7 were:
The actual demand of a product (in units) in week 1 through week 7 were:
164, 172, 157, 182, 145, 175, and 179.
You want to develop a forecasting model using the exponential smoothing model with alpha 0.33. Assume the forecast for week 1 is 164 units.
Use at least 4 decimal places in your calculation and no commas in your answer.
The forecasted demand for week 3 is _______
The forecasted demand for week 5 is _______
The forecasted demand for week 8 is _______
Homework Answers
Exponential smoothing is the technique where the demand is forecasted based on the smoothing constant. The smoothing constant is applied on the actual demand of current period in order to find out the forecast of the next period.
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The actual demand of a product (in units) in week 1 through week 7 were:
The answer is not the ones marked. Kristen Pacheco owns a small restaurant that's open seven...
The answer is not the ones marked.
Kristen Pacheco owns a small restaurant that's open seven days a week. Until recently, she forecasted the daily number of customers she would have using her intuition. However, she wanted to open another restaurant and recognized the need to adopt a more formal method of forecasting that could be used in both locations. Kristen decided to compare a three week moving average forecast with exponential smoothing forecasts using a = .7 and a...
answer 1-3 please don't copy from previous post. good luck Problems #3, 5, 7 (P3) The...
answer 1-3 please don't copy from previous post. good luck Problems #3, 5, 7 (P3) The owner of the Chocolate Outlet Store wants to forecast chocolate demand. Demand for the preceding four years is shown in the following table: Year Demand (Pounds) 1 68,800 2 71,000 3 75,500 4 71,200 Forecast demand for Year 5 using the following approaches: (1) a three-year moving average; (2) a three-year weighted moving average using .40 for Year 4, .20 for Year 3, and...
Exercise # 1-0M6322-week 4-Forecasting using Exponential Smoothing The first five periods of demand data are shown...
Exercise # 1-0M6322-week 4-Forecasting using Exponential Smoothing The first five periods of demand data are shown in the following table Let the smoothing coefficient, alpha, equal 0.2.Compute the exponentially smoothed forecasts for periods one through four Initialize the procedure with a forecast value for period one of 37 Period Aggregate Demand Forecast demand 38 42 40 36 42 37 Determine the Running Sum of Forecast Errors (RSFE), the Mean Absolute Deviation, MADt Land the Tracking Signal(TS) at the end of...
1. Kristen Pacheco owns a small restaurant that’s open seven days a week. Until recently, she...
1. Kristen Pacheco owns a small restaurant that’s open seven days a week. Until recently, she forecasted the daily number of customers she would have using her intuition. However, she wanted to open another restaurant and recognized the need to adopt a more formal method of forecasting that could be used in both locations. Kristen decided to compare a three week moving average forecast with exponential smoothing forecasts using α = .7 and α = .3. She collected sales data...
Week Of Pints Used September 14 410 September 28 October 5 371 378 The forecasted demand...
Week Of Pints Used September 14 410 September 28 October 5 371 378 The forecasted demand for the week of October 12 using a 3-week movingrage 377.33 pints (round your response to two b)Using a 3-week weighted moving average. with weights of 0.10,025, and 065,using 0 65 for the most c) it the forecasted demand for the week of August 31 is 345 and 025 exponential to two decimal places). recent week, the forecasted demand for the week of October...
Pints Used 360 Week Of August 31 September 7 September 14 September 21 September 28 October...
Pints Used 360 Week Of August 31 September 7 September 14 September 21 September 28 October 5 370 408 381 368 371 a) The forecasted demand for the week of October 12 using a 3-week moving average = 373.33 pints (round your response to two decimal places). b) Using a 3-week weighted moving average, with weights of 0.20, 0.30, and 0.50, using 0.50 for the most recent week, the forecasted demand for the week of October 12 = 372.10 pints...
Assume week 10 actual demand for each product is shown below. Create an exponential smoothing forecasts...
Assume week 10 actual demand for each product is shown below. Create an exponential smoothing forecasts for week 11 each product. Product X Product Y Product Z Week Historical Demand Week Historical Demand Week Historical Demand 10 $ 3,800 10 $ 4,100 10 $ 4,800 alpha = .7 Product X Product Y Product Z Week Historical Demand Week Historical Demand Week Historical Demand 1 5000 1 $ 7,500 1 $ 5,100 2 4800 2 $ 4,800 2 $ 4,700 3...
Examples 1,2,3 1. Beyond Tea Inc. wants to forecast sales of its menthol green tea. The...
Examples 1,2,3
1. Beyond Tea Inc. wants to forecast sales of its menthol green
tea. The company is considering either using a simple mean or a
three-period moving average to forecast monthly sales. Given sales
data for the past 10 months use both forecasting methods to
forecast periods 7 to 10 and then evaluate each. Which method
should they use? Use the selected method to make a forecast for
month 11. (Show all calculations .... Please read Examples1, 2, 3...
DEMAND FORECASTING CASE STUDY You have been hired as a demand planning intern for the Maui...
DEMAND FORECASTING CASE STUDY You have been hired as a demand planning intern for the Maui Jim Inc. They want you to develop a forecast for their Longboard style of sunglasses. The goal is to determine how many pair they will produce to meet vendor demand ir first meeting, you were handed some data to work with and e about the company's upcoming promotional blitz to support Spring Break '19 in major vacation destinations. 9. During your am talked Month...
A) A firm has a daily demand of 450 units. The lead time of receiving supplies...
A) A firm has a daily demand of 450 units. The lead time of receiving supplies is 3 days. If demand has a standard deviation of 100 units per day, what should be their safety stock? The firm plans for a 95% service level. What should be their reorder point? Note: ?0.95 = 1.64. A) This firm decides to increase their service level to 98%. What should be their safety stock? What should be their reorder point? Note: ?0.98 =...
The answer is not the ones marked.
Kristen Pacheco owns a small restaurant that's open seven days a week. Until recently, she forecasted the daily number of customers she would have using her intuition. However, she wanted to open another restaurant and recognized the need to adopt a more formal method of forecasting that could be used in both locations. Kristen decided to compare a three week moving average forecast with exponential smoothing forecasts using a = .7 and a...
Exercise # 1-0M6322-week 4-Forecasting using Exponential Smoothing The first five periods of demand data are shown in the following table Let the smoothing coefficient, alpha, equal 0.2.Compute the exponentially smoothed forecasts for periods one through four Initialize the procedure with a forecast value for period one of 37 Period Aggregate Demand Forecast demand 38 42 40 36 42 37 Determine the Running Sum of Forecast Errors (RSFE), the Mean Absolute Deviation, MADt Land the Tracking Signal(TS) at the end of...
Week Of Pints Used September 14 410 September 28 October 5 371 378 The forecasted demand for the week of October 12 using a 3-week movingrage 377.33 pints (round your response to two b)Using a 3-week weighted moving average. with weights of 0.10,025, and 065,using 0 65 for the most c) it the forecasted demand for the week of August 31 is 345 and 025 exponential to two decimal places). recent week, the forecasted demand for the week of October...
Pints Used 360 Week Of August 31 September 7 September 14 September 21 September 28 October 5 370 408 381 368 371 a) The forecasted demand for the week of October 12 using a 3-week moving average = 373.33 pints (round your response to two decimal places). b) Using a 3-week weighted moving average, with weights of 0.20, 0.30, and 0.50, using 0.50 for the most recent week, the forecasted demand for the week of October 12 = 372.10 pints...
Examples 1,2,3
1. Beyond Tea Inc. wants to forecast sales of its menthol green
tea. The company is considering either using a simple mean or a
three-period moving average to forecast monthly sales. Given sales
data for the past 10 months use both forecasting methods to
forecast periods 7 to 10 and then evaluate each. Which method
should they use? Use the selected method to make a forecast for
month 11. (Show all calculations .... Please read Examples1, 2, 3...
DEMAND FORECASTING CASE STUDY You have been hired as a demand planning intern for the Maui Jim Inc. They want you to develop a forecast for their Longboard style of sunglasses. The goal is to determine how many pair they will produce to meet vendor demand ir first meeting, you were handed some data to work with and e about the company's upcoming promotional blitz to support Spring Break '19 in major vacation destinations. 9. During your am talked Month...
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