# Time Series Forecasting Methods

Not what you're looking for?

The scenario we will be using is attached; Your Director of Supply Chain needs help in developing forecasts. Choose one of the following three options.

1.Develop forecasts for periods 6 through 24 using moving average with 3 periods, 4 periods, and 5 periods, or...

2.Develop forecasts for periods 3 through 24 using a smoothing factor of 0.2 and 0.3, or...

3.Develop forecasts for periods 5 through 24 using weighted moving average with weights of 0.4, 0.3, 0.2, and 0.1.

Guidelines:

Calculate the MAD and MSE for all of your forecasts.

Start MAD and MSE calculations for moving averages in period 6.

Start MAD and MSE calculations for exponential smoothing in period 5.

Start MAD and MSE calculations for Weighted Averages in period 5.

Write a 1 page article describing the different forecasting tools.

##### Purchase this Solution

##### Solution Summary

Examine time series forecasting methods moving average for a 3-month, 4-month and 5 month moving average. Also, evaluate the forecast results based on the Mean Absolute Deviation (MAD) and Mean Square Error (MSE) calculations.

##### Solution Preview

The response is attached.

The scenario we will be using is attached; Your Director of Supply Chain needs help in developing forecasts. Choose one of the following three options.

1.Develop forecasts for periods 6 through 24 using moving average with 3 periods, 4 periods, and 5 periods, or...

2.Develop forecasts for periods 3 through 24 using a smoothing factor of 0.2 and 0.3, or...

3.Develop forecasts for periods 5 through 24 using weighted moving average with weights of 0.4, 0.3, 0.2, and 0.1.

Guidelines:

Calculate the MAD and MSE for all of your forecasts.

Start MAD and MSE calculations for moving averages in period 6.

Start MAD and MSE calculations for exponential smoothing in period 5.

Start MAD and MSE calculations for Weighted Averages in period 5.

Write a 1 page article describing the different forecasting tools.

Forecasting is a very common tool utilized by managers to make decisions. Let's examine forecasting that uses time series forecasting, which is forecasting that uses historical times series data to predict future values of variable data.

Smoothing techniques were created to have better forecast data points. The random variation that is ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

##### Lean your Process

This quiz will help you understand the basic concepts of Lean.

##### MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

##### IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

##### Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.