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Question: PROBLEM 2 – FORECASTING A manufacturing company has monthly demand for one of its products as fol…

by | Nov 30, 2023 | Posted Questions



PROBLEM 2 – FORECASTING A manufacturing company has monthly
demand for one of its products as follows: MONTH DEMAND Feb 520 Mar
490 Apr 550 May 580 Jun 600 Jul 420 Aug 510 Sep 610 You can copy
and paste the above chart into Excel as a starting point to solve
this problem. a)     In the column to the
right of the DEMAND column, develop a three-period moving average
forecast for the months May through October. Title this column MA3.
b)     In the column to the right of MA3,
develop a three-period weighted moving average forecast for the
months May through October, using weights 0.50, 0.30, and 0.20 for
the most recent demand values. Title this column WMA3.
c)     Compare the two forecasts by
calculating the Mean Absolute Deviation (ie. the average
difference) between the forecast and the demand numbers.
d)     Which forecasting method appears to
be more accurate?

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