Question

In: Statistics and Probability

Consider the following daily time series for days 1-14. Use this information to answer the questions...

Consider the following daily time series for days 1-14. Use this information to answer the questions below.

Day Daily Steps
1 2270
2 3869
3 3285
4 4598
5 3539
6 2474
7 2246
8 4800
9 3696
10 4817
11 3261
12 1839
13 5121
14 2800

Step 1 of 7: What is the 3-day Moving Average forecast for time period 4?
Round to the nearest whole number.

Step 2 of 7: What is the 3-day Moving Average forecast for time period t = 15?
Round to the nearest whole number.

Step 3 of 7: Using the 3-day Moving Average forecasts for t = 4 thru t = 14 only, calculate the MAD.
Round the MAD value to the nearest whole number..

Step 4 of 7: What is the 4-day Moving Average forecast for time period 5?
Round to the nearest whole number..

Step 5 of 7: What is the 4-day Moving Average forecast for time period t = 15?

Step 6 of 7: Using the 4-day Moving Average forecasts for t = 5 thru t = 14 only, calculate the MAD.
Round the MAD value to the nearest whole number.

Step 7 of 7: Compare the MAD values for the 3-day Moving Average forecasts and the 4-day Moving Average forecasts.
Which set of forecasts --- 3-day or 4-day Moving Averages -- is preferred and why?

Can you please explain through excel? Any help would be appreciated!

Solutions

Expert Solution

Step 1 of 7: What is the 3-day Moving Average forecast for time period 4?
3141

Step 2 of 7: What is the 3-day Moving Average forecast for time period t = 15?
3253

Step 3 of 7: Using the 3-day Moving Average forecasts for t = 4 thru t = 14 only, calculate the MAD.
1268

The calculations are:

Step 4 of 7: What is the 4-day Moving Average forecast for time period 5?
3506

Step 5 of 7: What is the 4-day Moving Average forecast for time period t = 15?

3255

Step 6 of 7: Using the 4-day Moving Average forecasts for t = 5 thru t = 14 only, calculate the MAD.
1175

The calculations are:

Step 7 of 7: Compare the MAD values for the 3-day Moving Average forecasts and the 4-day Moving Average forecasts.
Which set of forecasts --- 3-day or 4-day Moving Averages -- is preferred and why?

3-day Moving Averages forecasts is preferred because it has a lower MAD value.

Please give me a thumbs-up if this helps you out. Thank you!

orchestra answered 2 years ago
Next > < Previous

Related Solutions

Use the following information to answer questions 1-15. Consider a firm that daily rents machinery for...
Use the following information to answer questions 1-15. Consider a firm that daily rents machinery for the cost of $1000 and employs workers at the cost of $100 for a full day of work. The following table describes the production function of the firm. Fill the table such that you can make some production decisions for this firm. Units of Labor Units of Production Fixed Costs Variable Costs Total Costs Average Variable Costs Average Total Costs Marginal Cost 1 11.00...
Use the following information to answer questions 1-7 Consider a firm that daily rents machinery for...
Use the following information to answer questions 1-7 Consider a firm that daily rents machinery for the cost of $1000 and employs workers at the cost of $100 for a full day of work. The following table describes the production function of the firm. Fill the table such that you can make some production decisions for this firm. Units of Labor Units of Production Fixed Costs Variable Costs Total Costs Average Variable Costs Average Total Costs Marginal Cost 1 11.00...
Use the following information to answer questions 1-15. Consider a firm that daily rents machinery for...
Use the following information to answer questions 1-15. Consider a firm that daily rents machinery for the cost of $1000 and employs workers at the cost of $100 for a full day of work. The following table describes the production function of the firm. Fill the table such that you can make some production decisions for this firm. Units of Labor Units of Production Fixed Costs Variable Costs Total Costs Average Variable Costs Average Total Costs Marginal Cost 1 11.00...
PREGUNTA 14 Use the following information to answer questions 14 to 18. to A certain brand...
PREGUNTA 14 Use the following information to answer questions 14 to 18. to A certain brand of apple juice is supposed to have 64 ounces of juice.  Because the punishment for under-filling bottles is severe, the target mean amount of juice is 64.05 ounces.  It is known that the standard deviation of the population is 0.06. However, the filling machine is not precise, and the exact amount of juice varies from bottle to bottle.  The quality – control manager wishes to verify that...
Use the following time-series data to answer the given questions. Time Period Value 1 27 2...
Use the following time-series data to answer the given questions. Time Period Value 1 27 2 30 3 58 4 63 5 59 6 67 7 70 8 86 9 101 10 97 a. Develop forecasts for periods 5 through 10 using 4-month moving averages. b. Develop forecasts for periods 5 through 10 using 4-month weighted moving averages. Weight the most recent month by a factor of 4, the previous month by 2, and the other months by 1. c....
Use the following time-series data to answer the given questions. Time Period Value 1 27 2...
Use the following time-series data to answer the given questions. Time Period Value 1 27 2 30 3 58 4 63 5 59 6 67 7 70 8 86 9 101 10 97 a. Develop forecasts for periods 5 through 10 using 4-month moving averages. b. Develop forecasts for periods 5 through 10 using 4-month weighted moving averages. Weight the most recent month by a factor of 4, the previous month by 2, and the other months by 1. c....
Use the following time-series data to answer the given questions. Time Period Value 1 26 2...
Use the following time-series data to answer the given questions. Time Period Value 1 26 2 30 3 57 4 62 5 58 6 65 7 70 8 86 9 101 10 97 a. Develop forecasts for periods 5 through 10 using 4-month moving averages. b. Develop forecasts for periods 5 through 10 using 4-month weighted moving averages. Weight the most recent month by a factor of 4, the previous month by 2, and the other months by 1. c....
Use the following time-series data to answer the given questions. Time Period Value 1 -25 2-...
Use the following time-series data to answer the given questions. Time Period Value 1 -25 2- 32 3 -59 4- 62 5- 59 6 -65 7 -70 8 -86 9 -101 10- 97 a. Develop forecasts for periods 5 through 10 using 4-month moving averages. b. Develop forecasts for periods 5 through 10 using 4-month weighted moving averages. Weight the most recent month by a factor of 4, the previous month by 2, and the other months by 1. c....
Use the following time-series data to answer the given questions. Time Period Value 1 25 2...
Use the following time-series data to answer the given questions. Time Period Value 1 25 2 31 3 58 4 62 5 59 6 66 7 72 8 86 9 101 10 97 a. Develop forecasts for periods 5 through 10 using 4-month moving averages. b. Develop forecasts for periods 5 through 10 using 4-month weighted moving averages. Weight the most recent month by a factor of 4, the previous month by 2, and the other months by 1. c....
Use the following information on Black Red to answer questions 14 – 18. JDL is considering...
Use the following information on Black Red to answer questions 14 – 18. JDL is considering whether to discontinue offering credit to customers who currently have late payments on the credit extended to them. Current annual credit sales are $10 million and such a change in policy is expected to reduce sales by 15 percent, cut the firm’s bad-debt losses from 8 to 4 percent, and reduce average collection period from 70 days to 45 days. The firm’s variable cost...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT