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

What is eoq and optimum time between orders, An industrial machine tools ma...

An industrial machine tools manufacturer supplies replacement parts from its inventory. For a particular part, the annual demand is expected to be 750 units. Machine setup costs ar

Research and specific examples of laws into business ethics, Discuss how la...

Discuss how laws tie into business ethics. Support your ideas with research and specific examples of laws discussed in your text. What specifically does the Sarbanes-Oxley Act s

Explain which of the four do you believe are the most effect, Griffin cites...

Griffin cites that there are four methods of reinforcement to maintain proper behaviour at the work place. What are they and are they used at your current/former workplace? Which o

I have some charts that i need help to put it in excel, I have soem charts ...

I have soem charts that were done i word how do I gt them to you for someone to put in excel for me

Explain individual level barriers to communication, Identify the four indiv...

Identify the four individual level barriers to communication and the ways to overcome them

Simultaneity of production & consumption of service product, Simultaneity o...

Simultaneity of Production and Consumption of Service Products There is no opportunity to place the service in inventory. This is not always completely, for instance, petrol i

Explain systems thinking to simplify your daily life, How can you use Syste...

How can you use Systems Thinking to simplify your daily life? Or is System Thinking just a "corporate" way of defining and justifying common sense?

Compute the npv, Expando, Inc., is considering the possibility of building ...

Expando, Inc., is considering the possibility of building an additional factory that would produce a new addition to their product line. The company is currently considering two op

Explain what standard time is applicable for operation, A recently negotiat...

A recently negotiated union contract allows workers in a shipping department 24 minutes for rest, 10 minutes for personal time, and 14 minutes for delays for each 4 hours worked. A

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