time-series forecast models example monthly sales ( in units ) jan feb mar apr may jun jul aug sept...
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Time-Series Forecast ModelsTime-Series Forecast Models
EXAMPLEM
on
thly
Sa
les
( i
n u
nit
s )
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Data Pointor
(observation)
MGMT E-5070Data Mining
andForecast Management
Wallace Garden Supply
Wallace Garden SupplyWallace Garden SupplyMGMT E-5070
Storage shed sales over the
past year were as follows:
Wallace Garden SupplyWallace Garden Supply
REQUIREMENTS:
Predict sales for next January via :
1. The naïvenaïve model .2. The 3 - month moving averagemoving average model .3. The 3 - month weighted moving averageweighted moving average model with weights of 3, 2, 1 respectively .4. The exponential smoothingexponential smoothing model with ά = .75. The trend projectiontrend projection model .6. Which model is the most accurate?