MGT 320 Operations Management Homework- American University of the Middle East
I. Following table shows the sales of smart phones for the past several months. Use this data to answer the following questions.
|
Month
|
Products sold
|
3WMA Forecast
|
|
|
Exp. Smoothing Forecast
|
|
|
|
1
|
511
|
|
|
|
|
|
|
|
2
|
524
|
|
|
|
|
|
|
|
3
|
522
|
|
|
|
|
|
|
|
4
|
522
|
|
|
|
|
|
|
|
5
|
533
|
|
|
|
|
|
|
|
6
|
540
|
|
|
|
|
|
|
|
7
|
552
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
A. Find the forecast for month 8 using 3 month weighted moving average (3WMA) with weights (0.5, 0.3 and 0.2). The most recent day having the most weight.
B. Find the forecast for month 8 using exponential smoothing with the smoothing constant 0.2.
C. Compare the two methods using MSE as a measure of error. Which method is better for this data?
II. What does qualitative forecasting mean? When is qualitative forecasting used? Describe two qualitative techniques and indicate at least two advantages and two disadvantages for each technique.
III. Briefly describe the four components of time series data.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.