Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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What are the advantages of exponential smoothing over the moving average and the weighted moving average?
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- Actual demand for a product for the past three months was: Three months ago 400 units Two months ago 350 units Last month 325 units Using a simple three-month moving average, make a forecast for this month. Note: Round your answer to the nearest whole number. If 300 units were actually demanded this month, what would your forecast be for next month, again using a three-month moving average? Note: Round your answer to the nearest whole number. Using simple exponential smoothing, what would your forecast be for this month if the exponentially smoothed forecast for three months ago was 450 units and the smoothing constant was 0.20? Note: Round your answer to the nearest whole number.arrow_forwardPlease use an exponential smoothing method with a=.3 and a 2011 forecast of 35 to forecast the mileage for 2013? Keep two decimal places.arrow_forward1arrow_forward
- The sale data is shown as follows: Month 1: 11 Month 2: 52 Month 3: 95 Using Weighted Simple Moving Average method (Month 1: 0.2; Month 2: 0.3; Month 3: 0.5) to forecast the sales of Month 4: ________ (Round your answer to the nearest integer)arrow_forwardWhen a product is new and there is no historical data, the most promising method to forecast this new product is? Winters’ Exponential Smoothing Model Analogy Holt’s Exponential Smoothing Model Event modelingarrow_forwardThe Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The miles driven during the past 5 years are as follows: 1 3,000 2 3,950 3 3,400 Year Mileage a) Using a 2-year moving average, the forecast for year 6 = miles (round your response to the nearest whole number). 4 3,750 5 3,750arrow_forward
- Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.arrow_forwardUsing least-squares regression, the forecast for the number of accidents that will occur in the month of May = ? accidents (enter your response as a whole number).arrow_forwardA concert promoter is forecasting this year's attendance for one of his concerts based on the following historical data: Year Attendance Four Years ago 10,000 Three Years ago 12,000 Two Years ago 18,000 Last Year 20,000 What is this year's forecast using exponential smoothing with alpha = 0.2, if last year's smoothed forecast was 15,000?arrow_forward
- What are the major consequences of accurate forecasting? explainarrow_forwardIn a retail store, the actual sales of a particular product (in thousands of units) over the past few months are as follows: Month Sales 1 16 2 22 3 18 4 20 5 23 Using exponential smoothing method with α (smoothing constant) of 0.75 and the given forecast for month 1 equal to 10, what is the forecast for month 6?arrow_forwardWhat advantages does adjusted exponential smoothing have over a linear trend line for forecasted demand that exhibits a trend?arrow_forward
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