Calculate three forecasts using the following data. First, for periods 4 through 10, develop the exponentially smoothed forecasts using a forecast for period 3 (F₃) of 120.0 and an alpha of 0.3. Second, calculate the three-period moving-average forecast for periods 4 through 10. Third, calculate the weighted moving average for periods 4 through 10, using weights of .60, .30, and .10. Calculate the mean absolute deviation (MAD) and the cumulative sum of forecast error (CFE) for each forecasting procedure. Which forecasting procedure would you select? Why?
Definitions:
Psychological Instruments
Tools and tests used by psychologists to measure mental functions and behaviors.
Dubious Distinction
A questionable or uncertain honor or recognition, often implying that the merit of the distinction is not entirely positive.
Defense Mechanism
Psychological strategies brought into play by individuals or the ego to protect against anxiety arising from unacceptable thoughts or feelings.
Subconsciously Attributes
Subconsciously attributes refer to qualities or features that are assigned or associated with something without conscious awareness.
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