a) The demand forecast for Month 6 would be: A. 565 haircuts B. 574 haircuts C. 578 haircuts D. 584 haircuts b) With Mean Absolute Deviation (MAD) as the criterion, the best forecasting model for this time series data is: A. Naïve approach B. 2-week Simple Moving Average (SMA) C. Weighted Moving Average (WMA) with weights: 0.5, 0.3, 0.2 D. Exponential Smoothing (ES) with alpha = 0.8
a) The demand forecast for Month 6 would be: A. 565 haircuts B. 574 haircuts C. 578 haircuts D. 584 haircuts b) With Mean Absolute Deviation (MAD) as the criterion, the best forecasting model for this time series data is: A. Naïve approach B. 2-week Simple Moving Average (SMA) C. Weighted Moving Average (WMA) with weights: 0.5, 0.3, 0.2 D. Exponential Smoothing (ES) with alpha = 0.8
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section: Chapter Questions
Problem 40P: The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels....
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Question
a) The demand forecast for Month 6 would be:
A. 565 haircuts
B. 574 haircuts
C. 578 haircuts
D. 584 haircuts
b) With Mean Absolute Deviation (MAD) as the criterion, the best
A. Naïve approach
B. 2-week Simple Moving Average (SMA)
C. Weighted Moving Average (WMA) with weights: 0.5, 0.3, 0.2
D. Exponential Smoothing (ES) with alpha = 0.8
![TIME SERIES FORECASTING
Demand for haircut at PogiPoints Barber Shop has increased steadily for the past
few months as seen in the following time series data. Do the necessary
computations and choose the best answer that would complete each statement.
NA
SMA; n= 2
WMA; 0.2, 0.3, 0.5
ES; a = 0.8
MONTH
HAIRCUTS PERFORMED
|A-F|
|A-F|
|A-F|
|A-F|
F
F
F
F
1
450
2
495
3
520
4
563
584
6.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc155ad31-33a5-41cc-9460-5ec75e582ed6%2F06e53ce7-28b4-4d8d-a0d0-84b96c171cc6%2Fvg3xbht_processed.jpeg&w=3840&q=75)
Transcribed Image Text:TIME SERIES FORECASTING
Demand for haircut at PogiPoints Barber Shop has increased steadily for the past
few months as seen in the following time series data. Do the necessary
computations and choose the best answer that would complete each statement.
NA
SMA; n= 2
WMA; 0.2, 0.3, 0.5
ES; a = 0.8
MONTH
HAIRCUTS PERFORMED
|A-F|
|A-F|
|A-F|
|A-F|
F
F
F
F
1
450
2
495
3
520
4
563
584
6.
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