12.5 The chairperson of the department of management at Tech wants to forecast thenumber of students who will enroll in operations management next semester in orderto determine how many sections to schedule. The chair has accumulated the followingenrollment data for the past eight semesters:Semester123456Students Enrolled in OM270310250290370410 data.78400450a. Compute a three-semester moving average forecast for semesters 4 through 9.b. Compute the exponentially smoothed forecast (a = 0.2) for the enrollmentc. Compare the two forecasts using MAD and indicate the most accurate.

Answered: a. Compute a three-semester moving…

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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12.5 The chairperson of the department of management at Tech wants to forecast the
number of students who will enroll in operations management next semester in order
to determine how many sections to schedule. The chair has accumulated the following
enrollment data for the past eight semesters:
Semester
1
2
3
4
5
6
Students Enrolled in OM
270
310
250
290
370
410

data.
7
8
400
450
a. Compute a three-semester moving average forecast for semesters 4 through 9.
b. Compute the exponentially smoothed forecast (a = 0.2) for the enrollment
c. Compare the two forecasts using MAD and indicate the most accurate.

Expert Solution

Step 1 Introduction:-

Forecasting is a technique used to predict future outcomes on the basis of past data. In business forecasting techniques are commonly used for different areas like allocating the budget, future expenses, sales and demand in the upcoming period, etc. There are various forecasting techniques. The techniques are chosen as per the type or characteristic of the forecast to be done. Both software and manual -based forecasting is also done in different fields.