Briefly discuss how the forecast methods be applied in operations.

Forecasting and Demand Management process in a mining industry

The worksheet Hudson Demand Case Data in MindTap provides the number of visits over one year from January to December (52 weeks). Chart the data and explain the characteristics of the time series. How would you forecast future demand for customer visits? What criteria will you use to determine a “good” forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Below is data of lobster sales volume from a seafood company. We are using exponential smoothing (α = 0.5) and 3-year moving average to forecast it. Please fill the blanks above and write your processes below.  What are the mean absolute deviations (MADs) of the two methods? Which method will you choose based on the results?

The following table shows the actual demand observed over the last 11​ years:                                                                                                                                             Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 9 13 8 11 14 9 13 7 Part 2 Using exponential smoothing with α ​= 0.40 and a forecast for year 1 of 5.0​, provide the forecast from periods 2 through 12 ​(round your responses to one decimal​ place).   Year 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 5.0 5.45.4 6.46.4 5.55.5 6.96.9 9.39.3 8.88.8 9.79.7 11.411.4 10.410.4 11.511.5 9.79.7 Part 3 Provide the forecast from periods 2 through 12 using the naive approach ​(enter your responses as whole​ numbers).   Year 2 3 4 5 6 7 8 9 10 11 12 Forecast enter your response here enter your response here enter your response here enter your…

Explain and give an example of a weighted average in forecasting