(Use an excel file to show formulas used) 1. Tom Simpson, Director of the Chamber of Commerce for Exeter township is investigating the past ten years oftourist visits to the area. The following data has been gathered on number of tourists who signed into the localinformation center.YearNumber of tourists17002248363344585141061588716298130191455101989Tom is interested in implementing a forecasting system and is investigating the following forecasting methods aspossibilities:Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression.Choose two of the above methods and calculate forecasts for Year 11OIf you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on)OIf you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500Use .3 for your alpha if you use this method.Present your forecast resultsExplain why each of your chosen methods is appropriate for the data and time frame givenInclude MAD, MSE and MAPE

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Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 O If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) O If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. ■ Present your forecast results Explain why each of your chosen methods is appropriate for the data and time frame given

Simple moving average, Weighted moving average, Simple Exponential Smoothing, Regression. Choose two of the above methods and calculate forecasts for Year 11 O If you use Weighted moving average, use .5, .3, .2 for the weights (.5 for most recent and so on) O If you use Exponential Smoothing, begin with the assumption the Forecast for Year 9 was 1500 Use .3 for your alpha if you use this method. ■ Present your forecast results Explain why each of your chosen methods is appropriate for the data and time frame given

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 25P: The file P13_25.xlsx contains the quarterly numbers of applications for home mortgage loans at a...

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