Understand by time series forecasting approach

Assignment Help Operation Management

Reference no: EM131715872

(a) What do you understand by a time series forecasting approach? Describe each of the four factors in this approach, and indicate how they are measured or determined.

(b) The historical demand for a product is as follows:

Month Demand

January 12

February 11

March 15

April 12

May 16

June 15

Stating any assumptions that you make answer the following questions.

(i) Using a weighted moving average with weights of 0.60 for June; 0.30 for May and 0.10 for April, find the July forecast.

(ii) Using a simple three-month moving average, find the July forecast.

(iii) Using simple exponential smoothing with α=0, 2 and a June forecast of 13 find the July forecast.

Reference no: EM131715872

Questions Cloud

Displaying and hiding non-printing characters : Consider the following requirements. Are they complete, clear, and verifiable? If not, restate them.

How much revenue would auction recognize : Under this assumption, how much revenue would Auction recognize at the time of the sale to the customer

Supply chain and logistics : Identify the logistics tasks that would have to take place in order for the product to be available for you to have the ability to purchase it.

Sketch an appropriate software architecture : For each of the systems described below, sketch an appropriate software architecture and explain how you would assign key functionalities

Understand by time series forecasting approach : What do you understand by a time series forecasting approach? Describe each of the four factors in this approach,

How a companys financial and costing strategies can be used : Understand how a company's financial and costing strategies can be used to support the maximization of their competitive advantages.

How effective is psychotherapy : Yes is the answer to the question, Is psychotherapy effective? Studies comparing a quantitative measure of groups who did or did not receive psychotherapy.

Catering service work using their software models : How actually gourmet catering service work using their software models.

Ideas for a software product : How can innovative ideas for a software product be identified? What needs to be done to enable the realization of a feasible number of ideas?

User Account

All Pages