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A contractor's records during the least five weeks indicate the number of jöb requests: Week 1 3 4 5 |Request 40 44 55 48 72 Predict the number of requests for week 4, week 5, week 6 using each of the following methods: 1) Naïve approach 2) 3 - period moving average 3) 4-period moving average 4) Weighted moving average using 0.60, 0.30 and 0.10 assuming highest weight to the most recent week 5) Exponential smoothing with a = 0.30; use 40 for week 2 forecast.

A contractor's records during the least five weeks indicate the number of jöb requests: Week 1 3 4 5 |Request 40 44 55 48 72 Predict the number of requests for week 4, week 5, week 6 using each of the following methods: 1) Naïve approach 2) 3 - period moving average 3) 4-period moving average 4) Weighted moving average using 0.60, 0.30 and 0.10 assuming highest weight to the most recent week 5) Exponential smoothing with a = 0.30; use 40 for week 2 forecast.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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I understand the moving average concept but not the weighted moving average and exponential smoothing

A contractor's records during the least five weeks indicate the number of job requests: Week 1 3 4 5 Request 40 44 55 48 72 Predict the number of requests for week 4, week 5, week 6 using each of the following methods: 1) Naïve approach 2) 3 – period moving average 3) 4-period moving average 4) Weighted moving average using 0.60, 0.30 and 0.10 assuming highest weight to the most recent week 5) Exponential smoothing with a = 0.30; use 40 for week 2 forecast.
Transcribed Image Text:A contractor's records during the least five weeks indicate the number of job requests: Week 1 3 4 5 Request 40 44 55 48 72 Predict the number of requests for week 4, week 5, week 6 using each of the following methods: 1) Naïve approach 2) 3 – period moving average 3) 4-period moving average 4) Weighted moving average using 0.60, 0.30 and 0.10 assuming highest weight to the most recent week 5) Exponential smoothing with a = 0.30; use 40 for week 2 forecast.
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