QuestionQuestion

The table below provides a list of sales figures for this past year (2017) for your mountain resort. You want to project a forecast for January of the following year (2018). You want to select from 3 models to make your forecast: 1) a 3-month moving average; 2) a weighted moving average (you believe your weights should be 0.2, 0.3, & 0.5); and 3) an exponential smoothing model in which will use an a = 0.2. Your forecast for January 2017 was $31,000.
1. How would you make a table that shows each of these forecasts for the current year and provide the forecast for January of 2018.
2. Using the data given, and your forecasts, which model do you think is the best model for your business?

Month Previous Year Sales in $
January 2017 $32,645
February 2017 $31,456
March 2017 $30,270
April 2017 $33,129
May 2017 $34,456
June 2017 $35,256
July 2017 $36,218
August 2017 $35,456
September 2017 $34,250
October 2017 $32,156
November 2017 $30,125
December 2017 $32,275

Solution PreviewSolution Preview

These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.

    By purchasing this solution you'll be able to access the following files:
    Solution.xlsx.

    $30.00
    for this solution

    or FREE if you
    register a new account!

    PayPal, G Pay, ApplePay, Amazon Pay, and all major credit cards accepted.

    Find A Tutor

    View available Business - Other Tutors

    Get College Homework Help.

    Are you sure you don't want to upload any files?

    Fast tutor response requires as much info as possible.

    Decision:
    Upload a file
    Continue without uploading

    SUBMIT YOUR HOMEWORK
    We couldn't find that subject.
    Please select the best match from the list below.

    We'll send you an email right away. If it's not in your inbox, check your spam folder.

    • 1
    • 2
    • 3
    Live Chats