Data collected on the yearly registration for a Six Sigma seminar at the Quality College are shown in the following table: YearRegistrations (000)1426344551068778991210141115 Develop a 4-year moving average to forecast registrations from year 5 to year 12. Estimate demand again for years 5 to 12 within a 4-year weighted moving average in which registrations in the most recent year are given a weight of 3 and 2, and registrations in the other 2 years are each given a weight of 1.Compute the forecasts for each year using exponential smoothing, with an initial forecast for year 5 of 8. Use α = 0.3.Using MAD, which of the three forecasting methods is best?Using MAPE, which of the three forecasting methods is best?Forecast registrations for year 15, using trend projection.

MAD and MAPE for the 4-year moving average, 4-year weighted moving average, and exponential…

Answered: Data collected on the yearly…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 31P

See similar textbooks

Related questions

Concept explainers

Question

Data collected on the yearly registration for a Six Sigma seminar at the Quality College are shown in the following table:

Year	Registrations (000)
1	4
2	6
3	4
4	5
5	10
6	8
7	7
8	9
9	12
10	14
11	15

Develop a 4-year moving average to forecast registrations from year 5 to year 12.
Estimate demand again for years 5 to 12 within a 4-year weighted moving average in which registrations in the most recent year are given a weight of 3 and 2, and registrations in the other 2 years are each given a weight of 1.
Compute the forecasts for each year using exponential smoothing, with an initial forecast for year 5 of 8. Use α = 0.3.
Using MAD, which of the three forecasting methods is best?
Using MAPE, which of the three forecasting methods is best?
Forecast registrations for year 15, using trend projection.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions