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(solution) Problem: Demand data for a particular service orders for the


Problem:

Demand data for a particular service orders for the previous 12 months is as follows: 530, 552, 653, 687, 680,702, 768, 777, 741, 856, 830, 822.





Questions

a If under Forecasting Method 1, Ft+1=.7*Yt+.3*Yt-1; Identify which method of forecasting is being used.
b If under Forecasting Method 2, ft=540.09 +27.14*t. Identify which forecation method is being used.
c What is the forecast for month 13 under method 1 and 2
d Fill in the above tables.
e Calculate all the types of forecast accuracy measure for both methods
f

Which forecast model would you recomment for implementation and why?

Please see attached excel files.


 


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