Dic 2 - Time Series Analysis and FeBookProblem 6-01 (Algorithmic)Consider the following time series data.ThmWeek1 2 3 4 5 6Value 20 13 15 11 19 13Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.a. Mean absolute error. If required, round your answer to one decimal place.b. Mean squared error. If required, round your answer to one decimal place.c. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places.%d. What is the forecast for week 7? If required, round your answer to two decimal place.

Given time series data stated below, for this stated data, I would use a naive forecasting…

Answered: a. Mean absolute error. If required,…

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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If we use a simple exponential smoothing method with ??=0.3, ??11=100 and ??12=120, what is your forecast for next year? A. 120 B. 126 C. 128 D. None of the above 10. Which one is NOT part of the reasons to keep inventory? A. To allow flexibility in production scheduling B. To meet variation in product demand C. To maintain dependence of operations D. To provide a safeguard for variation in raw material delivery time
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 =…
Here are the errors associated with a particular forecast over the past five months, in chronological order: 2, 5, 0, -5, -10. Which of the following statements is (are) true? I. The forecast was too high during the fifth month. II. The mean error over these five months is -2. III. The forecast was perfectly accurate during one of the months. a. I only Ob. Il only O. Il only d. I and III Oe.I, Il and II
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Exponential Smoothing, Exponentially Smoothed MAD, and Tracking SignalThe XYZ Company was flooded by a thunderstorm and lost part of its forecasting data.Positions in the table that are marked [a], [b], [c], [d], [e], and [ f ] must be recalculated from the remaining data.
Which of the following is a forecasting error measure? A. CAT B. SAD C. MAD D. BAD
discuss the strategic importance of forecasting for Disney and demonstrate how Disney World systematically uses the first seven steps in the forecasting process to initiate, design and implement forecasting systems
14 Community General Hospital finds itself treating many bicycle accident victims. Data from the last seven 24-hour periods is shown below: Day Bicycle Victims 1 8 2 14 3 8 4 14 5 18 6 15 With an alpha value of 0.31 and a starting forecast in day 3 equal to the 21 , what is the exponentially smoothed forecast for day 4? (Round to two decimal places) 15 What is the exponentially smoothed forecast for day 5? (Round to two decimal places)
The most naive forecast can is quite valuable in leading to an organization’s success because it is most widely understood by senior managers. True or False
A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 45 percent of capacity, actual usage was 52 percent of capacity. A smoothing constant of .05 is used. a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) Forecast for September percent of capacity b. Assuming actual September usage of 52 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.) Forecast for October percent of capacity
In the Delphi technique, the members of the panel of experts don’t meet and discuss, yet they must reach a certain level of agreement in their forecasts. True False
State whether the following statements are true or false. If the statement is false, write the correct answer: 1. Quantitate data is used in decision making especially for companies and organization that are new in the market. Answer: 2. Forecasting is a prediction rather than a reality to mislead an implementing the proper decisions. into Answer: 3. Short range forecast generally is used for decision making in a period of about job scheduling, assignments and three months, and the decision taken are related production levels. Answer: 4. Demand forecasting predicts the rate of technological progress and impacts development of new Answer: 5. Qualitative and taking are more accurate, for they involve analyzing numeric data based on previous numbers and statistics. Answer: hưo Aaicancoege of toMiddlst. 2021

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