6. Marianne Schwartz, the owner of Handy Man Rentals, rents carpet cleaners to contractors and walk-in customers. She is interested in arriving at a forecast of rentals so that she can order the correct quantities of supplies that go with the cleaners. Data for the past 10 weeks are shown here. Week 1 2 3 4 5 Rentals 15 16 24 18 23 Week 6 7 8 9 10 Rentals 20 24 27 18 16 a. Prepare a forecast for weeks 6 through 10 by using a 4-week moving average. What is the forecast for week 11?
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- Under what conditions might a firm use multiple forecasting methods?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.Marianne Schwartz, the owner of Handy Man Rentals, rents carpet cleaners to contractors and walk-in customers. She is interested in arriving at a forecast of rentals so that she can order the correct quantities of supplies that go with the cleaners. Data for the last 10 weeks are shown here. Part 2 Week 1 2 3 4 5 6 7 8 9 10 Rentals 23 22 25 23 22 11 21 34 19 13 Part 3 a. Prepare a forecast for weeks 6 through 10 by using a 4-week moving average LOADING... . (Enter your responses rounded to two decimal places.) Week Forecast 6 enter your response here Part 4 7 enter your response here Part 5 8 enter your response here Part 6 9 enter your response here Part 7 10 enter your response here Part 8 What is the…
- Marianne Kramer, the owner of Handy Man Rent-als, rents carpet cleaners to contractors and walk-incustomers. She is interested in arriving at a forecastof rentals so that she can order the correct quantitiesof supplies that go with the cleaners. Data for the last10 weeks are shown here. a. Prepare a forecast for weeks 6 through 10 by using a4-week moving average. What is the forecast for week 11?b. Calculate the mean absolute deviation as of the end ofweek 10.Accuracy of forecasts. The manager of a large manufacturer of industrial pumps must choose betweentwo alternative forecasting techniques. Both techniques have been used to prepare forecasts for a sixmonth period. Using MAD as a criterion, which technique has the better performance record?FORECASTMonth Demand Technique 1 Technique 21 492 488 4952 470 484 4823 485 480 4784 493 490 4885 498 497 4926 492 493 493a. What do we mean by forecast?b. Can a forecast have an error? Justify your answer.
- Forecast sales for the 11th period. For leveling, use exponential smoothing 0.20 and moving average 3 for averaging; and linear and exponential functions for trend data. Assume an initial exponential forecast of 620 units in period 2 if you decide to use it (i.e., no forecast for period 1). Period 1 2 4 5. 17 8. 6. 10 Sales 748 690 731 869 845 956 1200 1062 1090 1200Week Forecast Actual Demand 52 48 42 46 3 56 52 4 45 47 true or false Assume that the actual demand is representative of a repeating pattern over 4 weeks. The cyclical index for Week 1 is (approximately) 1.07 The forecast of demand for Week 5 (F5) using a Simple Moving Average (SMA) with 3 weeks is 48.75. The forecast of demand for Week 5 (F5) using exponential smoothing with alpha = 0.3 is 46.4.Tools View Week 3 Bonus Activity- DEMAND FORECASTING CASE STUDY After reviewing the forecasting demonstration and looking over the slides, complete the following case activity and transfer your answers to the appropriate questions in the Canvas activity quiz. You have been hired as a demand planning intern for Hawaiian Island Creations (HIC). They want you to de- velop a forecast for their HIC Papanui style of sun- glasses. The goal is to determine how many pair they will produce to meet retailer demand in July 2021. During your first meeting, you were handed some data to work with and the product team talked about the company's upcoming promotional blitz to support Summer Break '21 in major vacation destinations. Month Forecast Demand January 2021 4.000 3,300 February 2021 4,200 3,900 March 2021 4,500 4,300 April 2021 4.800 4,200 May 2021 5 000 5.400 of 4 P Type here to search 立
- Marianne Schwartz, the owner of Handy Man Rentals, rents carpet cleaners to contractors and walk-in customers. She is interested in arriving at a forecast of rentals so that she can order the correct quantities of supplies that go with the cleaners. Data for the last 10 weeks are shown here. Week 1 2 3 4 8 9 10 Rentals 20 20 34 26 21 12 21 26 19 14 a. Prepare a forecast for weeks 6 through 10 by using a 4-week moving average. (Enter your responses rounded to two decimal places.) Week Forecast 6 25.25 7 23.25 8 20 9 20 10 19.5 What is the forecast for week 11? 20 rentals. (Enter your response rounded to two decimal places.) b. The mean absolute deviation as of the end of week 10 is rentals. (Enter your response rounded to two decimal places.)11. Consider the following actual and forecast demand levels for Big Mac hamburgers at a local McDonald's restaurant: Day Actual Demand Forecast Demand Monday 88.00 88.00 Tuesday 72.00 88.00 Wednesday 68.00 84.00 Thursday 48.00 80.00 Friday − ? Part 2 The forecast for Monday was derived by observing Monday's demand level and setting Monday's forecast level equal to this demand level. Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25. Using this exponential smoothing method, the forecast for Big Mac demand for Friday is __________ Big Macs (round your response to one decimal place).Period 1 2 3 4 5 New Accounts Period 201 215 212 229 236 6 7 8 9 10 New Accounts Period 233 249 253 254 268 11 12 13 14 15 New Accounts 282 276 281 289 311