Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values

Hospitality Hotels forecasts monthly labor needs. (a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Question

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Hospitality Hotels forecasts monthly labor needs.
(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving
average. (Round answers to 2 decimal places, eg. 15.25.)
Month Actual Values
January
February
March
April
May
35
45
40
43
46

(d) Compare the accuracy of these models using the mean absolute deviation (MAD). (Round answers to 2 decimal places, eg. 15.25.)
MAD (3-period)
MAD (5-period)
MAD (naïve)
(e) Compare the accuracy of these models using the mean squared error (MSE). (Round answers to 2 decimal places, e.g. 15.25.)
MSE (3-period)
MSE (5-period)
MSE (naive)

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