Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: 1 2 3 6 7 8 5 5 3 7 6 10 Year Year Forecast (000) 4 1 5 4 5 11 Registrations (000) Use exponential smoothing with a smoothing constant of 0.4 to forecast the registrations at the seminar for years 2 through 12. To begin the procedure, assume that the forecast for year 1 was 5,000 people signing up (round your responses to one decimal place): 2 3 4 5 6 7 8 9 10 11 16 12 9 11 D 10 11 12 a) What is the MAD? Mean absolute deviation based on the forecast developed using the exponential smoothing method (with a smoothing constant (a) = 0.4 and a starting forecast of F₁ = 5) is thousand registrations (round your response to one decimal place). b) What is the MSE? The mean squared error based on the forecast developed using the exponential smoothing method (with a smoothing constant (x) = 0.4 and a starting forecast of F₁ = 5) is (round your response to two decimal places).
Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: 1 2 3 6 7 8 5 5 3 7 6 10 Year Year Forecast (000) 4 1 5 4 5 11 Registrations (000) Use exponential smoothing with a smoothing constant of 0.4 to forecast the registrations at the seminar for years 2 through 12. To begin the procedure, assume that the forecast for year 1 was 5,000 people signing up (round your responses to one decimal place): 2 3 4 5 6 7 8 9 10 11 16 12 9 11 D 10 11 12 a) What is the MAD? Mean absolute deviation based on the forecast developed using the exponential smoothing method (with a smoothing constant (a) = 0.4 and a starting forecast of F₁ = 5) is thousand registrations (round your response to one decimal place). b) What is the MSE? The mean squared error based on the forecast developed using the exponential smoothing method (with a smoothing constant (x) = 0.4 and a starting forecast of F₁ = 5) is (round your response to two decimal places).
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.7: Exponential Smoothing Models
Problem 25P: The file P13_25.xlsx contains the quarterly numbers of applications for home mortgage loans at a...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing