Forecasting model based on exponential smoothing

Assignment Help Operation Management

Reference no: EM131439489

The following data (in the table below) is available for the sales in the last 10 years. A forecasting model (M) based on exponential smoothing and time series analysis predicts the sales to be. Use linear regression (time-series) to develop your own model (R). Compute the forecast according to your model (R) and the given model (M) for the next time period. Combine the two forecasts to develop the best combined forecast.

t Sales(t)

1 60,108

2 64,302

3 59,935

4 62,795

5 62.673

6 66,675

7 67,973

8 71,967

9 74,683

10 73.346

Reference no: EM131439489

Questions Cloud

Workstations in sequence to be converted to finished product : 8. Batch of material visits 5 workstations in sequence to be converted to finished product Each batch has 100 units. The setup time at each workstation is l hour. The processing time is 1.2 minutes per unit. The material- handling time from one machi..

The most widely known award for quality : The most widely known award for quality in the U. S. is the ________ Award. A(n) ________ is a popular belief or story that has become associated with a person or institution that is considered to illustrate an organization culture idea. Making an id..

Economic order quantity inventory model : The demand for a certain perfume bottle at a department store is 30 per day. The store opens 250 days a year. The ordering cost from the manufacturer is estimated at $6 per order and the yearly holding cost at $3 per bottle. Assume a simple EOQ (Econ..

What is the rate of production : A product is produced in batches of 100 units. The machine requires one hour for setup. The processing time is one minute per unit, but the machine can process 5 units simultaneously. What is the rate of production? What talk time can the supply chai..

Forecasting model based on exponential smoothing : A forecasting model (M) based on exponential smoothing and time series analysis predicts the sales to be. Use linear regression (time-series) to develop your own model (R). Compute the forecast according to your model (R) and the given model (M) for ..

The two approaches that may be taken to improve quality : The two approaches that may be taken to improve quality are the ________ and ________ approaches. is a mini-culture within an organization that can reflect the values and beliefs of a specific segment of an organization, formed along lines, such as e..

Culture is an organizational culture characterized : culture is an organizational culture characterized by an internal focus along with an emphasis on stability and control. Represents the shared values about organizational functions held by the majority of organizational members.

Creating marketing plan for company that will sell ice cones : Imagine that you are creating a marketing plan for a company that will sell ice cream cones. As you consider the marketing program, what types of strategy should you consider including in the plan? Propose one specific example of each type of strateg..

Compute the mean-range and standard deviation of data set : The output voltage of a power supply is assumed to be normally distributed Ten observations taken at random on voltage are as follows: 11.25, 9.58, 11.54, 9.95, 10.28, 8.37, 10.44, 9.25, 9.38, and 10.85. Compute the mean, range, and standard deviatio..

User Account

All Pages