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

Business management, Six Operators are to be assigned to five jobs with the...

Six Operators are to be assigned to five jobs with the cost of assignment in Rs. given 10 marks in the matrix below. Determine the optimal assignment. Which operator will have no a

Explain safety inventory of coal and mro materials, A power plant in Califo...

A power plant in California uses coal at the rate of 100,000 pounds each day. It also uses MRO material at the rate of 1,000 pounds each day. The coal comes from Wyomung and the MR

Explain bebts, Champ Sports Corporation buys the assets of Delta Athletic C...

Champ Sports Corporation buys the assets of Delta Athletic Corporation. Champ continues Delta's business and retains the same personnel. Is Champ liable for Delta's debts?

Regal marine, Computer-Aided Design is one of the techniques used by Regal ...

Computer-Aided Design is one of the techniques used by Regal Marine in the manufacturing of boats. With the aid of examples, critically discuss FIVE (5) techniques that are import

Explain what were the legal issues in the case of lewis, What were the lega...

What were the legal issues in the case of Lewis v. Heartland Inns of America and what did the court decide?

Explain benifit program in a large organization, How would you oversee the ...

How would you oversee the design (or redesign) of a benifit program in a large organization? What issues would you consider?

Explain what role does tca play in the decision, 1. The chapter mentions th...

1. The chapter mentions the theory of transaction cost analysis (TCA). What role does TCA play in the decision to use a company sales force rather than independent manufacturers' a

Advantages of process layout, Advantages of Process Layout Lower C...

Advantages of Process Layout Lower Capital Investment : Less capital is needed for this layout because production apparatus is applied to maximum capacity with minimum dup

Health and safety, what are the roles of the health and saety committees

what are the roles of the health and saety committees

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