IMTAC a market leader in the production of heavy lathe machinery. The sales over the past 10 months are shown below. Month Actual Sales (units) (1) (2) (3) (4) (5) (6) 78 65 90 71 80 91 84 (8) (9) |(10) 60 75 80 (i) Forecast demand for the month 11 using a weight of 0.5 for the most recent data, 0.3 for the next and 0.2 for the oldest. (ii) If an actual sale during the month 11 is 60, forecast demand for the month of 12 using exponential smoothing method.
IMTAC a market leader in the production of heavy lathe machinery. The sales over the past 10 months are shown below. Month Actual Sales (units) (1) (2) (3) (4) (5) (6) 78 65 90 71 80 91 84 (8) (9) |(10) 60 75 80 (i) Forecast demand for the month 11 using a weight of 0.5 for the most recent data, 0.3 for the next and 0.2 for the oldest. (ii) If an actual sale during the month 11 is 60, forecast demand for the month of 12 using exponential smoothing method.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.7: Exponential Smoothing Models
Problem 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...
Related questions
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing