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a. Predict the sales for Jasmine Slush using the following forecasting methods: - naïve (use simple naive method, forecast this period=actual value of last period); -3-day moving average method:

a. Predict the sales for Jasmine Slush using the following forecasting methods: - naïve (use simple naive method, forecast this period=actual value of last period); -3-day moving average method:

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter10: Introduction To Simulation Modeling
Section: Chapter Questions
Problem 41P: At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 =...
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Pink Table, a snack shop has recorded sales for its best-selling cold drink, shown as follows: Day Jasmine Slush (12 oz) 1 125 2 136 3 127 4 123 142 6. 148 7 139 8. 140 154 10 158
Transcribed Image Text:Pink Table, a snack shop has recorded sales for its best-selling cold drink, shown as follows: Day Jasmine Slush (12 oz) 1 125 2 136 3 127 4 123 142 6. 148 7 139 8. 140 154 10 158
a. Predict the sales for Jasmine Slush using the following forecasting methods: - naïve (use simple naive method, forecast this period=actual value of last period); - 3-day moving average method; - weighted average method using the following weights: 45%,30%,25%; - exponential smoothing with smoothing constant alpha equal to 10%, assume forecast for day 1 for each of the 3 products is the sales for day1; - linear trend line. b. Using the results in a), compute the error (MSE, MAD, and MAPE) for each of the methods used. c. Which forecasting technique will you recommend to predict the sales of Jasmine Slush Explain and support your answer quantitatively.
Transcribed Image Text:a. Predict the sales for Jasmine Slush using the following forecasting methods: - naïve (use simple naive method, forecast this period=actual value of last period); - 3-day moving average method; - weighted average method using the following weights: 45%,30%,25%; - exponential smoothing with smoothing constant alpha equal to 10%, assume forecast for day 1 for each of the 3 products is the sales for day1; - linear trend line. b. Using the results in a), compute the error (MSE, MAD, and MAPE) for each of the methods used. c. Which forecasting technique will you recommend to predict the sales of Jasmine Slush Explain and support your answer quantitatively.
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