1. Using the following data: a) Compute two- week, three-week, and four- week mo

Question

1.    Using the following data:

a)      Compute two- week, three-week, and four- week moving average forecasts for the time series data.

b)      Compute Measures of Forecast Accuracy like MAE, MSE, and MAPE.

c)      Which method of forecasting of the three (two, three, or four- week moving average models) would you prefer to use for future forecasting purposes? Justify your answer.

*** Please show the steps how to do this in Excel. Thanks so much.

Week Sales (1000s of gallons) 1 17 2 21 3 19 4 23 5 18 6 16 7 20 8 18 9 22 10 20 11 15 12 22

Explanation / Answer

a) Two week moving averages:

3 week moving averages:

4 week moving Averages:

Measures of Forecast Accuracy like MAE, MSE, and MAPE.:

Measures of Forecast Accuracy by MAPE:

2 week moving average forecast accuracy:

Sl.No Sales(1000 of gallons) 2moving totals 2moving avearages 1 17 19 2 21 19.5 20 3 19 20.5 21 4 23 20.75 20.5 5 18 18.75 17 6 16 17.5 18 7 20 18.5 19 8 18 19.5 20 9 22 20.5 21 10 20 19.75 17.5 11 15 18 18.5 12 22

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