Does one forecast seem superior

Assignment Help Operation Management

Reference no: EM132277377

Jim's department at a local department store has tracked the sales of a product over the last ten weeks. It decides that the forecast demand uses two methods:

1) an exponential smoothing with an alpha of 0.3, 3 and an initial forecast of 28.0 for period 1;

2) a three-period weighted moving average with weights 0.5, 0.3, and 0.2 (from the latest period to the oldest period).

Period Demand

1 24

2 23

3 26

4 36

5 26

6 30

7 32

8 26

9 25

10 28

a. Use demand forecasts from week 4 to week 10 to calculate the MSE and MAD for each forecast. Does one forecast seem superior? Explain.

b. Calculate 2s control limits for each forecast, plot control charts, and determine if each forecasting process is in control. Explain.

Reference no: EM132277377

Questions Cloud

How the salesperson would then qualify each prospect : Describe four different ways a salesperson can locate/find a prospect. Describe how the salesperson would then ‘qualify’ each prospect

Define operations management : Define operations management. Will your definition accommodate both manufacturing and service operations?

Give examples of autonomy-beneficence-non-mallficence : Give examples of autonomy, beneficence, non-mallficence, and justice for case study: Ford's Pinto?

Should business put purpose before profit : Discusses Milton Friedman’s 1970 article from the New York Times Magazine that we read in our textbook,

Does one forecast seem superior : Use demand forecasts from week 4 to week 10 to calculate the MSE and MAD for each forecast. Does one forecast seem superior? Explain.

Explain the key components of selection in HR : Explain the key components of selection in HR. Also, respond to one other student's post.

Spotlight on apple—implied warranties : Spotlight on Apple—Implied Warranties. Alan Vitt purchased an iBook G4 laptop computer from Apple, Inc. Shortly after the one-year warranty expired,

Determine if each forecasting process is in control : Calculate 2s control limits for each forecast, plot control charts, and determine if each forecasting process is in control. Explain.

Examination of the criminal justice systems : Sutherlands' broad definition of criminology includes a critical examination of the criminal justice systems' responses to crimes.

User Account

All Pages