Question 5 The following monthly sales of chocolate boxes (in thousands of AUS dollars) have been recorded for January, February, March, and April, respectively: 8.5, 8, 8, 9. Examining the forecasting accuracy for the month of April only, explain which of the following forecasting method would you recommend: the Naïve method, the Average method, or the Simple exponential smoothing method (assuming alpha=0.85 and initial state of 8)?
Question 5 The following monthly sales of chocolate boxes (in thousands of AUS dollars) have been recorded for January, February, March, and April, respectively: 8.5, 8, 8, 9. Examining the forecasting accuracy for the month of April only, explain which of the following forecasting method would you recommend: the Naïve method, the Average method, or the Simple exponential smoothing method (assuming alpha=0.85 and initial state of 8)?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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![Question 5
The following monthly sales of chocolate boxes (in thousands of AUS dollars) have been
recorded for January, February, March, and April, respectively: 8.5, 8, 8, 9. Examining the
forecasting accuracy for the month of April only, explain which of the following forecasting
method would you recommend: the Naïve method, the Average method, or the Simple
exponential smoothing method (assuming alpha=0.85 and initial state of 8)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e835388-b94b-4b6e-a581-7ce57d56eafd%2F085fa227-3886-4f8e-87cf-5b294ecc01ab%2Fb1bfpw2_processed.png&w=3840&q=75)
Transcribed Image Text:Question 5
The following monthly sales of chocolate boxes (in thousands of AUS dollars) have been
recorded for January, February, March, and April, respectively: 8.5, 8, 8, 9. Examining the
forecasting accuracy for the month of April only, explain which of the following forecasting
method would you recommend: the Naïve method, the Average method, or the Simple
exponential smoothing method (assuming alpha=0.85 and initial state of 8)?
Expert Solution
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Step 1
The given data for sales of chocolate boxes are given as follows:
Month | Sales (in thousands of AUS dollars) |
January | 8.5 |
February | 8 |
March | 8 |
April | 9 |
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