Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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- A retail store records customer demand during each sales period. The data has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop the single exponential smoothing forecast and answer the following questions. Questions 1. What is the forecast for the 13th period based on the single exponential smoothing? Round your answer to two decimal places. fill in the blank 2 2. What is the MSE for the single exponential smoothing forecast? Round your answer to two decimal places. fill in the blank 3 3. Choose the correct graph for the single exponential smoothing forecast. . A. B.arrow_forwardProblem 18-3 (Algo) Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec. Last year This year JAN 150 170 FEB MAR 170 190 190 APR MAY 235 225 175 245 270 Forecast for the third quarter JUN 250 215 SEP 175 AUG JUL 195 185 OCT 250 ▸ NOV DEC 275 295arrow_forward1 The demand for automobiles at Crescent Auto Dealers for the past 8 weeks is as follows. Auto Week Demand 1 9. 2 11 3 8 4 12 5 10 13 7 7 8. 12 Develop a 3-week moving average forecast for Weeks 4 through 9 a Develop a 3-week weighted average forecast for weeks 4 through 9 with weights of d. What is the Naïve forecast for Week 9?arrow_forward
- Forecasting Historical records show the past ten Hood Lacrosse games having the following attendance:5348, 7814, 6515, 5785, 5984, 6522, 6286, 5581, 6714, 7347Assuming no seasonal component, what should the concessions staff use as an estimate for thenext game? Please use a four-period moving average for this forecast. please use excel for solvingarrow_forwardUse the sales data in the table ( attached Image) and apply the same forecast method when α = 0.1, 0.2, 0.3, 0.4, 0.5, 0.6, 0.7, 0.8, 0.9, and 1. What is the best value for α? What does the best value of α indicate or show in regards to the forecast model? (Hint: Use Microsoft Excel to solve the question)arrow_forwardForecast for next months and trend using double exponential smoothingarrow_forward
- Suppose the weekly demand for a call centre is shown in the table below. Apply the moving average and exponential smoothing methods to forecast the demand for Week 17.Assume the following:Simple moving average method: two-week moving averageSingle exponential smoothing method: assume the 1st week forecast is 333 and α=0.65.Include the MSE, MAD and MAPE in your calculations. Based on your results, recommend which method should be used and give reasons to support your recommendation. Week Demand (Number of calls) 1 300 2 360 3 410 4 289 5 279 6 302 7 376 8 329 9 248 10 322 11 503 12 511 13 399 14 402 15 380 16 469arrow_forwardNeed help with the forecast for year 10. Linear trend linearrow_forwardExotic Wines, Inc. wants to use exponential smoothing with α = 0.35 to forecast demand in bottles sold. The demand the last four months are 3,221, 3,197, 3,645, and 3,912 bottles. The forecast for bottles was 3,221 bottles for the second month. What is the forecast for the fifth month? Round your answer to the nearest whole number. bottles:arrow_forward
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