Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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4. What is the difference between trend and seasonality in time series data?
5. Here are the errors associated with a particular forecast over the past 5 months, in
chronological order: 5, 10, -15, 0, 8. In which month was the forecast perfectly
accurate? In which month was the forecast the least accurate? In which month or
months was the forecast too high? (Noteshaper Ramp Up # 23)
6. Tutoring Center needs to allocate tutors this week for office appointments, so it needs
to forecast the number of students who will seek appointments. The director has
gathered the following time series data recently:
Time Period
Code
Student Appointments
Jan 6 - 10
95
Jan 13 - 17
80
Jan 20 - 24
65
Jan 27 – 31
4
50
a) What is the naïve forecast for the number of student appointments for Time
Period 5 (Feb 3– 7)?
b) What is the 2 week moving average for Time Period 5?
c) What is the 3 week moving average for Time Period 5?
d) What is the forecast for Time Period 5 using exponential smoothing with alpha =
0.2 and a forecast 90 for Time Period 3?
e) Is demand for appointments increasing or decreasing?
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Transcribed Image Text:4. What is the difference between trend and seasonality in time series data? 5. Here are the errors associated with a particular forecast over the past 5 months, in chronological order: 5, 10, -15, 0, 8. In which month was the forecast perfectly accurate? In which month was the forecast the least accurate? In which month or months was the forecast too high? (Noteshaper Ramp Up # 23) 6. Tutoring Center needs to allocate tutors this week for office appointments, so it needs to forecast the number of students who will seek appointments. The director has gathered the following time series data recently: Time Period Code Student Appointments Jan 6 - 10 95 Jan 13 - 17 80 Jan 20 - 24 65 Jan 27 – 31 4 50 a) What is the naïve forecast for the number of student appointments for Time Period 5 (Feb 3– 7)? b) What is the 2 week moving average for Time Period 5? c) What is the 3 week moving average for Time Period 5? d) What is the forecast for Time Period 5 using exponential smoothing with alpha = 0.2 and a forecast 90 for Time Period 3? e) Is demand for appointments increasing or decreasing?
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