An electrical contractor's records during the last five weeks indicate the number of job requests:

Question


Week:	1	2	3	4	5
Requests:	25	27	25	26	27

Predict the number of requests for week 6 using each of these methods:

a. Naive.

Number of requests

b. A four-period moving average. (Round your answer to 2 decimal places.)

Number of requests

c. Exponential smoothing with α = .25. Use 25 for week 2 forecast. (Round your intermediate forecast values and final answer to 2 decimal places.)

	Number of Requests
F₃
F₄
F₅
F₆

[su_box title="♦ Relevant knowledge" box_color="#2d6ff7" radius="1"]Forecasts refer to predictions by statisticians and economists on the variables of the economy. They are designed to help the people who are part of the economy make the appropriate steps to increase their profits in the near future. Forecasting can be accomplished using various methods like the Naive method or the method of exponential smoothing.

[/su_box]

lyytutoria · Accepted Answer

Emily Jones · Answer

a)

26 requests in week 6.

The Naive forecasting technique assumes the same forecast for the next period as the one in the previous period.

The most recent period is 5, while the number of requests for period 5 was 27. Therefore, the forecast for period 6 will be 27.

--------------------------------------------------------------------------------------------

b)

Forecast for period 6 using a moving average of four periods is as follows:

Number of requests week 6 = 26.25

--------------------------------------------------------------------------------------------------

c)

This equation gives you the exponential smoothing forecast.

Ft+1 = An electrical contractor's records during the last five weeks indicate the number of job requests: Week:... . Yt + (1 - ) Ft

Forecast for week 3 = 0.25 Media_Tag_3$ 27 + (1 - 0.25) Media_Tag_4$ 25

Week 3 Forecast = 25.5

Forecast for week 4 = 0.25 Media_tag_3$ 25+ (1 - 0.25) Media_tag_4$ 26

For week 4, forecast = 25.38

Forecast for week 5 = 0.25 Media_Tag_3$ 26 + (1 - 0.25) Media_Tag_4$ 25.38

For week 5, forecast = 25.54

Forecast for week 6 = 0.25 Media_Tag_3$ 27 + (1 - 0.25) Media_Tag_4$ 25,.54

For week 6, forecast = 25.91

Number of requests
F3	25.50
F4	25.38
F5	25.54
F5	25.91

Sign Up

Sign In

Forgot Password

ITtutoria Latest Questions

An electrical contractor’s records during the last five weeks indicate the number of job requests: