Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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- I understand the moving average concept but not the weighted moving average and exponential smoothingarrow_forwardDefine the MONITORING FORECAST ERROR?arrow_forwardThe 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 733.25 Gasoline Demanded (gal.) 800 725 630 500 645 690 730 810 1,200 980arrow_forward
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