Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Question
What is the Simple Exponential Smoothing
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Month |
Month |
Sales |
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Feb |
1 |
19 |
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Mar |
2 |
18 |
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Apr |
3 |
15 |
|
May |
4 |
20 |
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Jun |
5 |
18 |
|
Jul |
6 |
22 |
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Aug |
7 |
20 |
Expert Solution
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Step 1
Simple exponential Smoothing is time series forecasting method. It is calculated with following formula:-
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- Explain different forecasting techniques like moving averages, exponential smoothing, regression etc.arrow_forwardAsvnch Problem - Statistical Forecasting Data Set – Eunice BC Fashion Monthly Sales, in million units. Year Total Sales Year Total Sales 2010 38 2016 43 2011 41 2017 40 2012 40 2018 45 2013 45 2019 47 2014 50 2020 42 2015 42 2021 48 Questions: a. Find the naïve forecast. b. Use the 3 years moving average forecast. c. Have a 5 years weighted moving average. d. Develop forecast using exponential smoothing with a = 0.2. e. Determine the trend line equation and present the forecast. f. Find the best forecast for year 2022. Note: Use the first 5 years as the training samples and the last 5 years as the forecasting samples. Solve it in Excel Sheet/Sheet with Equations as possible.arrow_forwardGiven the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——arrow_forward
- Month Actual Forecast Jan 100 100 Feb 110 Mar 200 Apr 140 For the above data, calculate the exponential smoothed forecast for March. Use α = 0.8. A. 135 B. 117 C. 116 D. 108arrow_forwardGiven the following historical data, what is the simple three-period moving average forecast for period 6? Period 1 2 3 4 5 67.67 68.2 67.3 68.4 Value 73 66 64 73 66arrow_forwardGiven the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——arrow_forward
- January February March April May June a. Calculate forecasts for the remaining five months using simple exponential smoothing with a = 0.4. February March April May June ACTUAL FORECAST 100 85 96 103 82 66 90 MAD Forecasts 91 93 97 91 81 b. Calculate the MAD for all the forecasts, including January's. (Round your answer to 1 decimal place.)arrow_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_forwardb5 need urgent in 15 minutesarrow_forward
- Given the following historical data, what is the simple three-period moving average forecast for period 6? Period Value 1 73 2 68 3 65 4 72 5 67arrow_forwardABC Inc. sells patio sets. Monthly sales for a seven-month period were as follows: Month Sales (000) Unites Feb 19 Mar 18 Apr 15 May 20 Jun 18 Jul 22 Aug 20 Forecast September sales volume using a weighted average approach using 0.60 for August, 0.30 for July, and 0.10 for June.arrow_forward
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