Given below are the demands of a certain product over the past 10 weeks. Week | 1 | 2 | 3| 4 | 5 6 | 7| 8 | 9 | 10 Demand 50 64 66 68 67 63 69 67 65 66 (a) Forecast the demand for the 13th week using the following techniques: i. 3- week weighted moving average with weights 0.2, 0.3, and 0.5 ii. Exponential smoothing with a smoothing constant equal to 0.85 iii. Adjusted exponential smoothing with a smoothing constant equal to 0.85 and smoothing constant for trend equal to 0.65
Given below are the demands of a certain product over the past 10 weeks. Week | 1 | 2 | 3| 4 | 5 6 | 7| 8 | 9 | 10 Demand 50 64 66 68 67 63 69 67 65 66 (a) Forecast the demand for the 13th week using the following techniques: i. 3- week weighted moving average with weights 0.2, 0.3, and 0.5 ii. Exponential smoothing with a smoothing constant equal to 0.85 iii. Adjusted exponential smoothing with a smoothing constant equal to 0.85 and smoothing constant for trend equal to 0.65
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section: Chapter Questions
Problem 42P: The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars)...
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![Given below are the demands of a certain product over the past 10 weeks.
Week
| 1 2 3 4 | 5 67|89 | 10
Demand 50 64 66 68 67 63 69 67 65 66
(a) Forecast the demand for the 13th week using the following techniques:
i. 3- week weighted moving average with weights 0.2, 0.3, and 0.5
ii. Exponential smoothing with a smoothing constant equal to 0.85
ii. Adjusted exponential smoothing with a smoothing constant equal to 0.85 and
smoothing constant for trend equal to 0.65
(b) Compute for the accuracy of each model using the mean squared error. Based on
the computed MSE, what is the best forecasting technique for this time series?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F057d7378-a0a0-446e-82e6-3d2f4ebd4469%2Fae6dda44-ea98-4a5e-948a-07fe68fddc4f%2Ferqhnmq_processed.png&w=3840&q=75)
Transcribed Image Text:Given below are the demands of a certain product over the past 10 weeks.
Week
| 1 2 3 4 | 5 67|89 | 10
Demand 50 64 66 68 67 63 69 67 65 66
(a) Forecast the demand for the 13th week using the following techniques:
i. 3- week weighted moving average with weights 0.2, 0.3, and 0.5
ii. Exponential smoothing with a smoothing constant equal to 0.85
ii. Adjusted exponential smoothing with a smoothing constant equal to 0.85 and
smoothing constant for trend equal to 0.65
(b) Compute for the accuracy of each model using the mean squared error. Based on
the computed MSE, what is the best forecasting technique for this time series?
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