We need to make a forecast but do not believe that past data would be at all useful. Given this information, we should try what type of model
Regression using extrinsic data |
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Product-mix model |
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Moving average model |
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Breakeven model |
Forecasts are often made using past data . However there are instances where past data will not be useful to make forecasts when we depend on other data like extrinsic data. Hence the type of model we should try is regression using extrinsic data. All the other given models use past data to calculate costs or to determine the demand and make forecasts.
We need to make a forecast but do not believe that past data would be at...
on a make to order, do we need to prepare forecast if the customers cycle time is shorter than your replenishment cycle.
A. Use a 3-year moving average to forecast the quantity of fish for the years 1983 through 2006 for these data. Compute the error of each forecast and then determine the mean absolute deviation of error for the forecast. B. Use exponential smoothing and a = 0.2 to forecast the data through 2006. Let the forecast for 1981 equal the actual value for 1980. Compute the error of each forecast and then determine the mean absolute deviation of error for...
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...
The number of heart surgeries performed at Heartville General Hospital has increased steadily over the past several years. The hospital's administration is seeking the best method to forecast the demand for such surgeries in year 6. The data for the past five years are shown below. 4 Year Demand 1 44 2 47 3 53 5 58 55 The hospital's administration is considering the following forecasting methods. Begin error measurement in year 3, so all methods are compared for the...
The actual values for 12 periods (shown in order) are: Period Data 1 45 2 52 3 48 4 59 5 55 6 55 7 64 8 58 9 73 10 66 11 69 12 74 In Excel, create forecasts for periods 6-13 using each of the following methods: -------- -5 period simple moving average; Using a 5 period simple moving average, the forecast for period 13 will be: 68 -4 period weighted moving average (0.63, 0.26, 0.08, 0.03); Using...
Could you teach me do this by Ti83or 84?
Below is data collected over 6 specific years. The data collected is the Consumer Price Index (CPT) and the cost of a slice of pizza We would like to build a model using the CPI to predict the cost of a slice of pizza in a given year. Year 1960 1973 1986 1995 2002 2003 CPI (x) 30.2 48.3 112.3 162.2 191.9 197.8 Cost of a slice 0.15 0.35 1.00 1.25...
ries of sales data that provides with an R-value of (-0.66.) You manager wants you to 9) You have a se make a sales forecast for the next 6 months. Answer the following; this question is worth 9 points time series model, as discussed in class, would you be using when you see an R-value? odel a good tool to use to make a forecast given that you want at least 80% of the A) What B) Is this m...
I need help on calculating a current overall average for this data in MatLab. I need to make another vector for the data where each position is a current average. I've looked around online to try and get an idea of what to do and I saw the things about there being a moving average function or using filter. But we haven't talked about those in my class so I can't use them. I think a for loop could do...
1. If you were to graph a time series and it followed a trend that was close to linear, then what type of forecasting model would you use? Multiple Choice Bass model Bivariate linear regression Simple moving average Gompertz curve 2. Visualization of data allows you to ____________________. Multiple Choice be as transparent to management as required more clearly identify the dependent and independent variables better understand if you need more data see stark differences that would not be apparent...
Check My Work (3 remaining Consider the following gasoline sales time series data. Click on the datafile logo to reference the data Week Sales (1000s of gallons) 20 18 17 19 21 12 a. Using a weight of for the most recent observation, for the second most recent observation, and third the most recent abaervation, compute a threa-week weightad moving avarage fos the time series (to 2 decimals). Enter nagative values as negative numbers Weighted Moving Average Forecast (Error Time-Series...