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 internet played a role in retailing transactions, Do wholesaling in...

Do wholesaling intermediaries provide any ultimate value to customers, or do they just interfere with the process of retailing? Explain the reasons for your answer. Has the emergen

Airline implementing a policy that need to buy second seat, Answer the foll...

Answer the following questions: 1. what are the pros and cons of an airline implementing a policy that heavier customers need to buy a second seat? Research an airline and provide

Results and enabler are features of which quality management, Results and e...

Results and enablers are features of which quality management The European Foundation for Quality Management (EFQM) excellence model

Explain interest expenses and taxes, A company's net income depends on all ...

A company's net income depends on all of the following except a. amount of sales b. cost of goods sold c. interest expenses and taxes. d. inventory estimates

Explain lead time, Explain Lead Time. Lead Time : Lead Time is the tim...

Explain Lead Time. Lead Time : Lead Time is the time that takes the stock to reach from Re-order point to minimum stock level. This may be also defined as the time as elapses

MBA-2, What do you understand by"line balancing"?What happens if balance do...

What do you understand by"line balancing"?What happens if balance doesn''t exist?

Process capability index - asymmetrical positioning, Process Capability Ind...

Process Capability Index - Asymmetrical Positioning of the Process As stated earlier, the C p index assumes that the process mean is centred within the tolerance band, but, i

Competence - customer satisfaction and service quality, Competence - Custom...

Competence - Customer Satisfaction and Service Quality Means possession of the required skills and knowledge to perform the service. It involves: knowledge and skill of the c

Explain cost of a project, illustrate how to effectively and efficiently re...

illustrate how to effectively and efficiently report on the cost of a project to the different stakeholder groups • Use figures and tables to provide examples • Show calculat

Compute the labour productivity, 10 person assembly line, 160 valves produc...

10 person assembly line, 160 valves produced during 8 hour shift, calculate the labour productivity

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