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 bill what they mean for his umuc pizza business, Explain Porter's F...

Explain Porter's Five Forces Model and how Bill can use it to analyze his current business and his expansion. Be sure to address each of the 5 forces and explain to Bill what they

Explain human resource management legal issues, Submit Apple, Inc.'s Human ...

Submit Apple, Inc.'s Human Resource Management Legal Issues related to Apple, Inc.'s HRM Strategic Workforce Improvement Plan project

Explain fishbone diagram conflict, Activity Instructions There are two part...

Activity Instructions There are two parts to this assignment. Part 1: Revise the previous flowchart you created based on any new or different information you gleaned during the las

Explain the liability of each party, Upon graduation from college, Bob, Car...

Upon graduation from college, Bob, Carol, Ted, and Alice formed Kotaku, LP, a limited partnership, to distribute video gaming software over the Internet. Bob and Carol each contrib

Argument for application of methods of scientific management, 1. What are t...

1. What are the arguments for and against the application of the methods of scientific management? Answer: The main argument against scientific management is that in de-skilling

Mb0044, What do you understand by “line balancing”? What happens if balance...

What do you understand by “line balancing”? What happens if balance doesn’t exist?

Describe the impact that batch size has on flow, Explain the impact that ba...

Explain the impact that batch size has on flow. Explain why the EOQ formula works.

Explain how can the hrm professional be prepared to deal, How can the HRM p...

How can the HRM professional be prepared to deal with the variations in HR practices in the global environment

Explain what do you think sally should do, Case 2 Individual or Team Reward...

Case 2 Individual or Team Reward? Jack Hopson has been making wood furniture for more than ten years. He recently joined Metropolitan Furniture and has some ideas for Sally Boston,

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