Discuss the merits of the two forecasting methods

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Reference no: EM13930316

The data in the following table show the daily sales of pa- perback books and hardcover books at the same store. The task is to forecast the next four days' sales for paperbacks and hardcover books.

(a) Use single exponential smoothing and compute the mea- sures of forecasting accuracy over the test periods 11-30.

(b) Repeat using the method of linear exponential smoothing (Holt's method).

(c) Compare the error statistics and discuss the merits of the two forecasting methods for these data sets.

(d) Compare the forecasts for the two methods and discuss their relative merits.

(e) Study the autocorrelation functions for the forecast errors resulting from the two methods applied to the two data series. Is there any noticeable pattern left in the data?

Day	Paperbacks	Hardcovers	Day	Paperbacks	Hardcovers
1	199	139	16	243	240
2	172	128	17	225	189
3	111	172	18	167	222
4	209	139	19	237	158
5	161	191	20	202	178
6	119	168	21	186	217
7	195	170	22	176	261
8	195	145	23	232	238
9	131	184	24	195	240
10	183	135	25	190	214
11	143	218	26	182	200
12	141	198	27	222	201
13	168	230	28	217	283
14	201	222	29	188	220
15	155	206	30	247	259

Reference no: EM13930316

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