Purchase Solution

Exponentially Smoothed Forecast

Not what you're looking for?

Ask Custom Question

The manager of Petroco service station wants to forecast the demand for unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The owner has accumulated the following data on demand for unleaded gasoline from sales during the pas 10 months:

Months Gasoline Demanded(gal)

October 800
November 725
December 630
January 500
february 645
March 690
April 730
May 810
June 1200
July 980

A. Compute an exponentially smooth forecast, using alpha value of .30.
B. Compute an adjusted exponentially smooth forecast (with alpha=.30 and beta = .20)
C. Compare the two forecasts by using MAPD and indicate which seems to be more accurate.

Purchase this Solution
Solution Summary

This solution is comprised of detailed step-by-step calculations and explanation of various Forecast Techniques like Exponentially Smoothed Forecast, Adjusted Exponentially Smoothed Forecast etc. and various Forecast Accuracy Measures like Forecast Error, Absolute Error, MAPD etc. in EXCEL. Comparison of these Forecast Techniques based on these Forecast Accuracy measures has also been shown.

Solution provided by:
Anwesha Ghosh, MSc
Education
  • MSc, Osmania University
  • MSc, Indian Institute of Technology - Roorkee (I.I.T.-ROORKEE)
  • BSc, Banaras Hindu University
Recent Feedback
  • "Very fast turnaround. Excellent communication! Much appreciated!"
  • "excellent"
  • "excellent"
  • "excellent work"
  • "Fantastic..great solution and very well explained!!!!"
Purchase this Solution
Free BrainMass Quizzes
Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

View More Free Quizzes
Related BrainMass Solutions

  • When using the exponentially weighted moving average for purposes of forecasting rather than smoothing

    90083 Exponentially weighted moving average for purpose of forecasting When using the exponentially weighted moving average for purposes of forecasting rather than smoothing A. the previous smoothed value becomes the forecast B. the current smoothed

  • Forecast

    A 3-Month Simple Moving Average Forecast and an Exponentially Smoothed Moving Average Forecast has been performed in EXCEL.

  • Exponentially Smoothed Forecast, MAD, MAPD in EXCEL

    smoothed forecast using an symbol a which stand for a weighting factor referred to as the smoothing constant of a value of .30 Compute an adjusted exponentially smoothed forecast with a which stand for a weighting factor referred to as the smoothing

  • Forecast

    433458 Exponentially smoothed forecast for period 8 1. In period 7 the exponentially smoothed forecast was 50 and the actual demand was 49. If alpha is equal to 0.10, what is the exponentially smoothed forecast for period 8? 2.

  • Management Science: Forecasting

    Compute an exponentially smoothed forecast, using on a value of .30. b. Compute an adjusted exponentially smoothed forecast (with a =.30 and B =.20). c. Compare the two forecast by using MAPD and indicate which seems to be more accurate. 5.

  • Petroco Service Station: Exponentially smoothed forecast & MAPD

    646770 Petroco Service Station: Exponentially smoothed forecast & MAPD The manager of the Petroco Service Station wants to forecast the demand for unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor.

  • Forecasting the fund price using 3-month average

    Hence, the most accurate method is exponentially smoothed forecast because it has the lowest MAD value.

  • Distribution of Emergency Calls to Detroit

    smoothed forecast of calls for each week.

  • Computing an Exponentially Smoothing Forecast

    Compute an exponentially smoothing forecast using an alpha value of .30. b. Compute an adjusted exponentially smoothed forecast (alpha = .30 and beta= .20). c. Compare the two forecasts using MAPD and indicate which seems to be more accurate.

View More Related Solutions