Determine the accuracy of any given forecasting method

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Reference no: EM13951356

The monthly sales for air conditioners were as follows.

Month	Sales
January	24
February	25
March	18
April	16
May	15
June	15
July	17
August	19
September	19
October	20
November	22
December	24

(a) Plot the monthly sales

(b) Forecast the January sales figure using each of the following:

ii) A 3-month moving average

iii) A 6 month weighted average using .1, .1, .1, 2.2, and.3, with the heaviest weights applied to the most recent months

iv) Exponential smoothing using an α = .3 and a September forecast of 18

(d) With the data given which method would allow you to forecast next March's sales.

(e) What three most popular methods are used to determine the accuracy of any given forecasting method? And in what circumstances would they be used.

Reference no: EM13951356

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