The manager of the Petroco Service Station wants to forecast the demand for unleadedgasoline next month so that the proper number of gallons can be ordered from thedistributor. The owner has accumulated the following data on demand for unleadedgasoline from sales during the past 10 months. Compute an exponentially smoothedforecast with an a value of .30. According to the result from Excel and/or POM-QM,the forecast for the month of January would be (type number only, two decimals)MonthOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJuneJulyGasoline Demanded (gal.)8007256305006456907308101,200980 For the Petroco Service Station problem, what would your excel file thatshows exponentially smoothed forecasts with a values of .30 and .50 look like. Themean absolute deviation (MAD) computations of the two forecasts should be included inthe file.

Forecasting refers to predictions for future outcomes based on previous years' trends. In businesses…

For the Petroco Service Station problem, what would your excel file that shows exponentially smoothed forecasts with a values of .30 and .50 look like. The mean absolute deviation (MAD) computations of the two forecasts should be included the file.

For the Petroco Service Station problem, what would your excel file that shows exponentially smoothed forecasts with a values of .30 and .50 look like. The mean absolute deviation (MAD) computations of the two forecasts should be included the file.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 28P: The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present...

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Question

The manager of the Petroco Service Station wants to forecast the demand for unleaded
gasoline next month so that the proper number of gallons can be ordered from the
distributor. The owner has accumulated the following data on demand for unleaded
gasoline from sales during the past 10 months. Compute an exponentially smoothed
forecast with an a value of .30. According to the result from Excel and/or POM-QM,
the forecast for the month of January would be (type number only, two decimals)
Month
October
November
December
January
February
March
April
May
June
July
Gasoline Demanded (gal.)
800
725
630
500
645
690
730
810
1,200
980

For the Petroco Service Station problem, what would your excel file that
shows exponentially smoothed forecasts with a values of .30 and .50 look like. The
mean absolute deviation (MAD) computations of the two forecasts should be included in
the file.

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