User Account

All Pages

Partial demand and forecast data for a product

Assignment Help Basic Statistics
Reference no: EM131960952

The data below is given for partial demand and forecast data for a product:

Quarter(t) 4 5 6

Forecast(Ft) 400 430 600

Demand(Dt) 420 370 680

The questions are as follows:

(a) Compute a 3-quarter simple moving average for quarter 7.

(b) The actual demand for quarter 7 turned out to be 1060. Compute an exponentially smoothed forecast for quarter 8 with α (alpha) = 0.15. Use the forecast for quarter 7 from part (a)

(c) Observing the actual demands for quarters 4 through 7, you are thinking about updating the value of α in part (b). Would you choose a smaller or larger value than 0.15? Justify your answer briefly.

(d) For the forecasts given in part A) (quarters 4 to 6) and the forecast computed in A) (quarter 7), compute a measure of bias error. Is there any bias, and if so, has the forecast been biased low or high?

(e) The product turns out to be popular homemade-style ice cream made in a small plant. The complete demand data for years 1, 2, and 3 are given below.

Quarterly demand(in gallons)

Year Quarter 1 Quarter 2 Quarter 3 Quarter 4

1 350 710 950 420

2 370 680 1060 500

3 450 750 1020 570

Compute the forecast for each of quarters in year 4, given that the forecast for the total demand in year 4 is 2980 gallons.

Reference no: EM131960952

Questions Cloud

Information on the number of performances : To study the impact of the crisis on different cultural sectors, you have collected information on the number of performances from several artists
Prepare tigers statement of cash flows : Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities.
Define the null and alternative hypotheses for test : (a) Define the null and alternative hypotheses for this test. (b) Perform the test at the significance level a = 0.05.
Why should mr garcia purchase the storage tank : Why should Mr. Garcia purchase the storage tank? Assume that kerosene purchased on a pay-as-you-go basis is paid for at the end of the year.
Partial demand and forecast data for a product : The data below is given for partial demand and forecast data for a product:
Prepare the journal entry on may one to record the payment : Prepare the journal entry on May 1 to record the payment of principal and interest. Use months in calculation. Do not round intermediate calculations.
Normal population will have a standard score : Find the probability that a data value picked at random from a normal population will have a standard score (z) that lies between the following pairs of z-value
Prepare in journal form entries to record stock transactions : Prepare in journal form the entries necessary to record following stock transactions of 1. Alexander Inc. was organized and authorized to issue 5,000 shares.
State the dependent variable : Luckily, Lucy has taken this course and knows that a z-score will help her understand Monica's reading score in relation to the population.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd