Calculate the forecasts for months

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Monthly demand over the past 10 months is given below. a. Graph the demand. b. What is your best guess for the demand for month 11? c. Using a three-month moving average, calculate the forecasts for months 4, 5, 6, 7, 8, 9, 10, and 11. d. Using exponential smoothing, calculate the forecasts for the same months as in (c). The old average for month 3 was 96 and α = 0.2. What is the difference between the two forecasts for month 11? e. Calculate the forecast errors for both methods. Do you think there is any bias in either method? f. Based on the mean absolute deviation (MAD), which method do you think is more accurate? Month 1 2 3 4 5 6 7 8 9 10 Actual Demand 102 91 95 105 94 100 106 95 105 98

Reference no: EM13901728

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