The following data shows the number of customers at a mall in Colorado.Yearcustomers (in thousands)200922,142201023,983201124,122201225,708201326,722201426,955201528,438201629,786201729,502The mall security would like to predict the number of customers in the future. (***MUST USE EXCEL***)Use 2014-2017 as a hold out sample. Calculate the initial Level and Trend using all the data from 2009-2013. Utilize these as the starting point for updating based on seeing 2009 and carry it forward.Use Holt’s method (alpha=0.1,0.25; beta=0.1,0.25, total of four combinations) to forecast the demand for the hold out sample.Calculate the RMSE (square root of MSE), MAD, and TS for each forecast. Please round to the nearest 0.1.The RMSE for alpha = 0.1 and beta = 0.1 is _____.The MAD for alpha = 0.1 and beta = 0.25 is _____.The TS for alpha = 0.25 and beta = 0.25 in Year 2017 is _____.

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The following data shows the number of customers at a mall in Colorado. Year customers (in thousands) 2009 22,142 2010 23,983 2011 24,122 2012 25,708 2013 26,722 2014 26,955 2015 28,438 2016 29,786 2017 29,502

The following data shows the number of customers at a mall in Colorado. Year customers (in thousands) 2009 22,142 2010 23,983 2011 24,122 2012 25,708 2013 26,722 2014 26,955 2015 28,438 2016 29,786 2017 29,502

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.6: Summarizing Categorical Data

Problem 27PPS

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Question

The following data shows the number of customers at a mall in Colorado.

Year	customers (in thousands)
2009	22,142
2010	23,983
2011	24,122
2012	25,708
2013	26,722
2014	26,955
2015	28,438
2016	29,786
2017	29,502

The mall security would like to predict the number of customers in the future. (***MUST USE EXCEL***)

Use 2014-2017 as a hold out sample. Calculate the initial Level and Trend using all the data from 2009-2013. Utilize these as the starting point for updating based on seeing 2009 and carry it forward.
Use Holt’s method (alpha=0.1,0.25; beta=0.1,0.25, total of four combinations) to forecast the demand for the hold out sample.
Calculate the RMSE (square root of MSE), MAD, and TS for each forecast. Please round to the nearest 0.1.

The RMSE for alpha = 0.1 and beta = 0.1 is _____.

The MAD for alpha = 0.1 and beta = 0.25 is _____.

The TS for alpha = 0.25 and beta = 0.25 in Year 2017 is _____.

Expert Solution