How to compare forecasts with the original data, Operation Management

Assignment Help:

Develop a forecast for years 2 through 12 using exponential smoothing with ƒÑƒn= .4 and a forecast for year 1 of 6. Plot your new forecast on a graph with the actual data and the naive forecast. Based on a visual inspection, which forecast is better

Year 1 2 3 4 5 6 7 8 9 10 11

Demand 7 9 5 9 13 8 12 13 9 11 7

a)Polt the above data on a graph. Do you observe any trend, cycles, or random variations?

b) Starting in year 4 and going to year 12, forecast demand using 3 year moving average. plot your forecast on the same graph as the original data.

c) Starting in year 4 and going to year 12, forecast demand using a 3-year moving average with weights of.1,.3,and .6, using .6 for the most recent year. Plot this forecast on the same graph.

d)As you compare forecasts with the original data, which seems to five the better results?


Related Discussions:- How to compare forecasts with the original data

Explain counteract the high costs of obese employees, Answer the following ...

Answer the following questions: 1. What are the pros and cons of an airline implementing a policy that heavier customers need to buy a second seat? Research an airline and provi

Human Resource, 1. What in your view are the central human resources issues...

1. What in your view are the central human resources issues involved in this case?

Explain how does a leader differ from a manager, How does a leader differ f...

How does a leader differ from a manager and when would it be more advantageous to be a manager rather than a leader?

Explain how can i get the solutions, I would like to know how can i get th...

I would like to know how can i get the solutions maual for the book systems analysis and design 9th edition by kendall & kendall can you please let me know how to do it

Explain how can you stress to a marketing manager, How can you stress to a ...

How can you stress to a marketing manager that marketing need to occur online, no matter if the company is operating in a brick and mortor building

Explain the specification of lead time, Explain the specification of lead t...

Explain the specification of lead time. Lead Time has: (i) Time to place the order and to process the enquiries. (ii) Time to send the order to the supplier. (iii) Ti

Describe the differences between a 3rd party beneficiary, Explain the diffe...

Explain the differences between a 3rd party beneficiary and a 3rd party assignee. Why are assignments of contracts so important for our free enterprise economy?

What are disadvantages of using multiple sourcing strategies, What are the ...

What are the disadvantages of using multiple sourcing strategies? Disadvantages of using multiple sourcing: a. Not simple to facilitate quality assurance procedures while

Explain travel from the workstations to the main aisle, A portable lunch wa...

A portable lunch wagon is to be located along the main aisle of an industrial plant. The vendor wishes to locate the wagon so that the total walking distance for his customers is m

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd