Which forecasting technique was more accurate

Assignment Help Operation Management

Reference no: EM131034547

Consider the following data:

YEAR SALES

2000 900

2001 1400

2002 1750

2003 1900

2004 1700

2005 1500

2006 2000

2007 1950

2008 2250

2009 2300

Suppose you wished to forecast sales for 2010. At first glance, which time-series forecasting method would you suggest are appropriate for this date?

Compute the forecast sales for 2010 using:

a. Simple Average

b. 3-year Weighted Average

c. 5-year Weighted Average

d. 3-year Exponentially Smoothed Weighted Average (using the weight factors and formula found on page 131- 1/6 , 1/3, and ½ for the 3 most recent years)

e. If actual sales for 2010 were 2500 units, which forecasting technique was more accurate?

Reference no: EM131034547

Questions Cloud

Create an excel spreadsheet that george can use : Create an Excel spreadsheet that George can use as a decision support tool to answer his questions. The spreadsheet should be designed such that George would be able to use the spreadsheet without any additional documentation

Problem regarding the current economic conditions : Mercy Hospital is looking for ways to cut costs given current economic conditions. Which of the following would most likely reduce Mercy Hospital's carrying cost of receivables?

The future of talent management in private sector business : In your own words (3 or 4 paragraphs) what you think is the future of talent management in private sector business. Support your post with additional information from at least two reputable sources (background readings, and/or additional research--li..

Describe all possible ways with clear explanations : The transactions listed below are anticipated by U.S. firms that have no other foreign transactions. Describe all possible ways with clear explanations (forward, futures, options) that can be used to hedge each of the transactions.

Which forecasting technique was more accurate : Suppose you wished to forecast sales for 2010. At first glance, which time-series forecasting method would you suggest are appropriate for this date? Compute the forecast sales for 2010 using: Simple Average. 3-year Weighted Average. If actual sales ..

Advertising creatives believe ad pretesting inhibits : Advertising creatives believe ad pretesting inhibits their creative process and results in too much sameness in commercials. Marketers, on the other hand, believe it ensures the ad campaign will connect with consumers and be well received in the mark..

Long term estimated annual demand : A suitcase manufacturing company needs to but certain type of specialized machinery to for production. The long term estimated annual demand is about 60,000 suites. If one suitcase requires 10 minutes of production time, and company runs factory for ..

What are the three generic strategies according to porter : What are the three generic strategies, according to Porter and as stated in Dess (2012)? What is the strategy of your chosen company?

Case-spectrum brands diversification strategy : Present a general overview of Spectrum Brands International. Specifically, discuss important historical milestones, product offerings, major competitors and their relative market share. What are the major opportunities for Spectrum Brands as a result..

User Account

All Pages