Solution-Describe the four patterns typically found in time

Describe the four patterns typically found in time series

Assignment Help Basic Statistics

Reference no: EM13580590

Forecasting:

(a) All forecasts are never 100% accurate but subject to error.

How is forecast error calculated?
Identify and describe three common measures of forecast error. Then illustrate how each is calculated by constructing a 4-period example.

(b) Consider the following table of monthly sales of car tyres by a local company:

Month	Unit Sales
January	400
February	500
March	540
April	560
May	600
June	?

(i) Using a 2-month moving average develop forecasts sales for March to June inclusive.

(ii) Using a 2-month weighted moving average, with weights of 2 for the most recent month and 1 for the previous month develop forecasts sales for March to June inclusive.

(iii) The sales manager had predicted sales for January of 400 units. Using exponential smoothing with a weight of 0.3 develop forecasts sales for March to June inclusive.

(iv) Which of the three techniques gives the most accurate forecasts? How do you know?

(c) Describe the four patterns typically found in time series data. What is meant by the expression "decomposition" with regard to forecasting? Briefly describe the process.

Reference no: EM13580590

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Describe the four patterns typically found in time series

Reference no: EM13580590

Reference no: EM13580590

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