Calculate Three Forecasts Using the Following Data

question 53

Essay

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?

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Definitions:

P-value

The probability of observing test results at least as extreme as the results actually observed, under the assumption that the null hypothesis is correct.

Tenure

The period or duration a person holds a particular status, position, or occupation, often used in the context of employment or property ownership.

Adjunct

An accessory, something added to another thing but not essential to it, often used in academia to describe a type of part-time instructor.

Car Colour

The hue or shade of paint applied to the exterior of an automobile, influencing its appearance.