To forecast: The registration for week 11 using naïve forecasting method.

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Answer 1

Question

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

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The purpose of this assignment is to give you an opportunity to create a forecast based on data and interpret the results. You will also gain more practice with Minitab. Forecasting future commodity prices can be important for many production operations. One such commodity is the price of aluminum ($US per metric ton). For this assignment, you are asked to use Minitab to create two forecasts based upon the data provided below. First, create a one period forecast based upon a three month moving average. Second, create a one period forecast based upon exponential smoothing (using a smoothing weight of 0.95). Compare the two forecasts based upon the Mean Absolute Deviation (MAD) measure of accuracy. Interpret your results. The Data: Month Price Jan-18 2,209.73 Feb-18 2,181.79 Mar-18 2,069.24 Apr-18 2,254.69 May-18 2,299.67 Jun-18 2,237.62 Jul-18 2,082.24 Aug-18 2,051.51 Sep-18 2,026.46 Oct-18 2,029.86 Nov-18 1,938.51 Dec-18 1,920.38 Jan-19 1,853.72 Feb-19…

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Answer 2

Question

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

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Answer 3

Question

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

Answer 6

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

Answer 7

Chapter 4, Problem 35P

a)

Summary Introduction

To forecast: The registration for week 11 using naïve forecasting method.

Answer 8

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

Answer 9

b)

Summary Introduction

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

Answer 10

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

Answer 11

c)

Summary Introduction

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

Answer 12

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

Answer 13

d)

Summary Introduction

To plot: The original data and forecasts in the graph.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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To forecast: The registration for week 11 using naïve forecasting method.

Solution Summary: The author explains that nave forecast is better in both the aspect.

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To forecast: The registration for week 11 using naïve forecasting method.

To forecast: The registration starting from week 3 and ending with week 11 using a 2-week moving average.

To forecast: The registration starting from week 5 and ending with week 11 using a 4-week moving average.

To plot: The original data and forecasts in the graph.

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Chapter 4 Solutions