How to compare forecasts with the original data, Operation Management

Assignment Help:

Develop a forecast for years 2 through 12 using exponential smoothing with ƒÑƒn= .4 and a forecast for year 1 of 6. Plot your new forecast on a graph with the actual data and the naive forecast. Based on a visual inspection, which forecast is better

Year 1 2 3 4 5 6 7 8 9 10 11

Demand 7 9 5 9 13 8 12 13 9 11 7

a)Polt the above data on a graph. Do you observe any trend, cycles, or random variations?

b) Starting in year 4 and going to year 12, forecast demand using 3 year moving average. plot your forecast on the same graph as the original data.

c) Starting in year 4 and going to year 12, forecast demand using a 3-year moving average with weights of.1,.3,and .6, using .6 for the most recent year. Plot this forecast on the same graph.

d)As you compare forecasts with the original data, which seems to five the better results?


Related Discussions:- How to compare forecasts with the original data

Explain good corporate citizen and moral agent, • Do corporations have a re...

• Do corporations have a responsibility to be a good corporate citizen and moral agent? What do these terms mean to you? Justify your opinion by providing examples. • If you wer

Explain global standardization strategy, Which business strategy below does...

Which business strategy below does the company Walmart's uses to go global? Elaborated going to China to do business... A) Global standardization strategy B) Localization str

Operations function - scientific management, Operations Function - Scientif...

Operations Function - Scientific Management The operations function, a short account was given of the work of Frederick Winslow Taylor (1911), in the decades straddling the be

Explain the variable cost to produce each unit, Assume a fixed cost for a p...

Assume a fixed cost for a process of $120,000. The variable cost to produce each unit of product is $35, and the selling price for the finished product is $50. Which of the followi

Explain team members via the team discussion board, As an individual, devel...

As an individual, develop an inspiring anecdote about something that actually happened, or might have happened, at a current or former employer. Make up a list of core values th

Explain optimum service level is what percent, In a single period model if ...

In a single period model if shortage cost is four times excess cost then the optimum service level is what percent?

Explain some inherent challenges in using decision trees, What are some inh...

What are some inherent challenges in using decision trees effectively in today's organizations? How can these challenges be overcome?

Explain the most likely outcome of leon''s lawsuit and why, Leon, a bank v...

Leon, a bank vice president, joined Fitness Center, Inc. (FC). He signed a contract for the membership. The contract stated, among other things, an exculpatory clause that FC.

Demand curve to estimate the consumer surplus, Demand curve to estimate the...

Demand curve to estimate the consumer surplus: Adam's demand curve for commodity X is: XA = 10 - 2Px . Betty's demand curve for commodity X is: XB = 10 - 3Px . (a) What is

Explain the chocolate raw material safety stock christian, Christian runs a...

Christian runs a small chocolate shop. He manages his chocolate raw material using a periodic review system. Daily demand has a mean of 100 pounds and standard deviation of 10 poun

Write Your Message!

Captcha
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!

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