The problem below looks at forecasting methodologies to determine which forecasting model results in the most accurate forecasts. Accuracy is determined by the lowest mean absolute deviation. Emergency calls to the 911 system of York County for the past 24 weeks are shown below. Accurate forecasts are needed to determine the number of operators needed to staff the station. Week # of Calls 1 50 2 35 3 25 4 40 5 45 6 35 7 20 8 30 9 35 10 20 11 15 12 40 13 55 14 35 15 25 16 55 17 55 18 40 19 35 20 60 21 75 22 50 23 40 24 65 1. WEIGHTED MOVING AVERAGE Using an averaging period of 3 with the most recent period weighted .5, the next most recent .4, and the oldest period weighted .1, forecast weeks 4 through 24. Calculate the MAD for this forecasting model. Show your work in a table like the one below Indicate which model is best/most accurate (based on the lowest MAD). SMA AP=3 WMA ETC Week # of Calls Forecast Absolute Deviation Forecast Absolute Deviation 1 50 2 35
The problem below looks at forecasting methodologies to determine which forecasting model results in the most accurate forecasts. Accuracy is determined by the lowest mean absolute deviation. Emergency calls to the 911 system of York County for the past 24 weeks are shown below. Accurate forecasts are needed to determine the number of operators needed to staff the station. Week # of Calls 1 50 2 35 3 25 4 40 5 45 6 35 7 20 8 30 9 35 10 20 11 15 12 40 13 55 14 35 15 25 16 55 17 55 18 40 19 35 20 60 21 75 22 50 23 40 24 65 1. WEIGHTED MOVING AVERAGE Using an averaging period of 3 with the most recent period weighted .5, the next most recent .4, and the oldest period weighted .1, forecast weeks 4 through 24. Calculate the MAD for this forecasting model. Show your work in a table like the one below Indicate which model is best/most accurate (based on the lowest MAD). SMA AP=3 WMA ETC Week # of Calls Forecast Absolute Deviation Forecast Absolute Deviation 1 50 2 35
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.7: Exponential Smoothing Models
Problem 29P: The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building...
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The problem below looks at
Emergency calls to the 911 system of York County for the past 24 weeks are shown below. Accurate forecasts are needed to determine the number of operators needed to staff the station.
Week |
# of Calls |
1 |
50 |
2 |
35 |
3 |
25 |
4 |
40 |
5 |
45 |
6 |
35 |
7 |
20 |
8 |
30 |
9 |
35 |
10 |
20 |
11 |
15 |
12 |
40 |
13 |
55 |
14 |
35 |
15 |
25 |
16 |
55 |
17 |
55 |
18 |
40 |
19 |
35 |
20 |
60 |
21 |
75 |
22 |
50 |
23 |
40 |
24 |
65 |
1. WEIGHTED MOVING AVERAGE
- Using an averaging period of 3 with the most recent period weighted .5, the next most recent .4, and the oldest period weighted .1, forecast weeks 4 through 24. Calculate the MAD for this forecasting model.
- Show your work in a table like the one below
- Indicate which model is best/most accurate (based on the lowest MAD).
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SMA AP=3 |
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WMA |
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ETC |
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Week |
# of Calls |
Forecast |
Absolute Deviation |
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||
1 |
50 |
|
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|
|
|
|
|
|
|
|
2 |
35 |
|
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|
|
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