Prepare a graph of the monthly forecasts and average forecast demand for Chicago Paint Corp., a manufacturer of specialized paint for artists. Compute the demand per day for each month (round your responses to one decimal place). Production Days 23 19 22 20 21 20 22 23 21 22 Month January February March April May June July August September October November December Choose the correct graph of the forecast demands below 20 19 Demand Forecast 950 1,050 1,250 1,350 1,300 1,300 1,250 1,150 1,060 1,000 1,000 950 Demand per Day

Prepare a graph of the monthly forecasts and average forecast demand for Chicago Paint Corp., a manufacturer of specialized paint for artists. Compute the demand per day for each month (round your responses to one decimal place). Production Days 23 19 22 20 21 20 22 23 21 22 Month January February March April May June July August September October November December Choose the correct graph of the forecast demands below 20 19 Demand Forecast 950 1,050 1,250 1,350 1,300 1,300 1,250 1,150 1,060 1,000 1,000 950 Demand per Day

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 29P: The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building...

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The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.
The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
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The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?
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UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. PREDICTED DEMAND Period Demand F1 F2 1 68 67 60 2 75 67 67 3 70 71 70 4 74 69 72 5 69 71 77 6 72 70 77 7 80 72 75 8 78 75 83 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) c. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and and final answers to 2 decimal places.)
UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. PREDICTED DEMAND Period Demand F1 F2 1 68 67 60 2 75 67 67 3 70 71 70 4 74 69 72 5 69 71 77 6 72 70 77 7 80 72 75 8 78 75 83 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.)
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