Question: use excel to answer all of the following questions 1...
Question details
Use Excel to answer all of the following questions:
#1. ABC company records during the past six weeks indicate the number of jobs requests:
WEEK |
1 |
2 |
3 |
4 |
5 |
6 |
Requests |
45 |
38 |
36 |
42 |
46 |
43 |
Required: Predict the number of requests for Week 7 using each of the following methods:
a. Naïve
b. A four-period moving average.
c. Exponential smoothing with a = .30. Assume that the forecast for Week 2 = 43. Keep in mind that to apply this method, you must start forecasting in Week 2!
#2.
A. Obtain the linear trend equation (first, plot the data and the regression line on the same graph, or alternatively use Data Analysis tool to obtain the “a” and the “b” values of the equation) for the following data on new checking accounts for Fair Savings Bank and use it to predict expected new checking accounts for periods 15 through 20. Enter the data on Excel using Period (X) as Column 1 and New Accounts (Y) in the second column.
B. Determine the correlation coefficient and interpret it.
C. What percentage of variation in new accounts is explained by the independent variable (time)?
Period |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
New Accounts |
208 |
215 |
210 |
230 |
237 |
232 |
248 |
250 |
253 |
267 |
280 |
275 |
292 |
308 |
#3. Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows:
Month |
SALES (ACTUAL) |
FORECAST I |
FORECAST II |
1 |
780 |
772 |
768 |
2 |
789 |
785 |
788 |
3 |
794 |
790 |
792 |
4 |
780 |
784 |
790 |
5 |
776 |
770 |
774 |
6 |
772 |
768 |
770 |
7 |
765 |
761 |
759 |
8 |
775 |
771 |
775 |
9 |
786 |
784 |
788 |
10 |
790 |
788 |
788 |
REQUIRED: Compute the MAD and MSE for each forecast. Does either forecast seem superior? Explain.