Reference no: EM132236613
Assignment : Forecasting Methods
Every day managers must make decisions on future demands for their product or service. Knowing the future demand for your product is important so that staffing levels can be adjusted or more equipment and raw material procured. However, future demand is unknown, so managers turn to forecasts to make good estimates of future demand for their product or service.
Now put yourself in the shoes of the plant manager. This chart provides historical data for the past demand for your product. Your task is to apply the naïve, moving average, exponential smoothing, and trend methods of forecasting and determine which method is the most accurate.
Week Demand
Week 1 55
Week 2 75
Week 3 65
Week 4 70
Week 5 80
Week 6 85
Week 7 75
Week 8 80
Week 9 90
Week 10 75
Assignment
Use the Excel OM plugin and the data to run the forecast using naive, weighted moving average, exponential smoothing, and trend projection (without exponential smoothing) methods. Use this information.
• Weighted moving averages method - use two periods with 0.1 and 0.4 as the weights.
• Exponential smoothing method - use an alpha of 0.1.
After you run the data, determine which method provided the most accurate forecast and explain your reasoning.
|
Compare and contrast reliability and validity
: Based on 360 feedback assessments, compare and contrast reliability and validity. Give examples
|
|
Prepare medication card that describes therapeutic actions
: You are assigned to care for a patient receiving atropine. Prepare a medication card that describes the therapeutic actions, indications, pharmacokinetics.
|
|
Quality customer services mean to all organisations
: What should managing quality customer services mean to all organisations and the risks for an organisation which does not apply quality customer services?
|
|
How can engineering systems fail with faulty designs
: So how can engineering systems fail with faulty designs?
|
|
Determine which method is the most accurate
: Your task is to apply the naïve, moving average, exponential smoothing, and trend methods of forecasting and determine which method is the most accurate.
|
|
Passage of the homeland security bill for catastrophic event
: Is the United States in a better position since the passage of the Homeland Security Bill for a catastrophic event that before its passage.
|
|
Describing the selected environmental factor
: Describe the selected environmental factor. Explain how the environmental factor you selected can potentially affect the health or safety of infants.
|
|
What do you think is amazon competitive strategy
: Based on the facts presented in this case, what do you think is Amazon.com’s competitive strategy?
|
|
How do you envision yourself as a agent of change
: Before you answer the question above, consider the various roles we have already studied, the population that you serve, your area of expertise.
|