Given is a historical time series for job services demand in the prior 6 months.
ID: 3120268 • Letter: G
Question
Given is a historical time series for job services demand in the prior 6 months.
Month
Demand
1
736
2
701
3
812
4
735
5
785
6
736
Use the table below to answer all questions:
Month
Demand
Forecast
1
736
F1
2
701
F2
3
812
F3
4
735
F4
5
785
F5
6
736
F6
7
F7
If the demands forecast is Not Possible (NP) to generate for a particular month, then you must type in NP as your answer.
a) The F3 by using Naïve forecasting method = Blank 1
b) The F3 by using 2 months moving average = Blank 2 (in 2 decimal places)
c) The F4 by using Naïve forecasting method = Blank 3
d) The F4 by using 4 months moving average = Blank 4 (in 2 decimal places)
e) The F6 by using 3 months moving average = Blank 5 (in 2 decimal places)
f) The F7 by using 4 months moving average = Blank 6 (in 2 decimal places)
Month
Demand
1
736
2
701
3
812
4
735
5
785
6
736
Explanation / Answer
HEre As in naive forecasing method, we pick the just previous demand. So the F3 by using Naive forecasing method will be 701.
This is the answer if part (a)
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In moving average method, we just take the last given months average, so
the F3 by using 2 month moving average =sum of all numbers/ total numbers
= (701+736)/2 = 718.50
This is the answer of part (b)
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(c) Similarly the demand for F3 for the third month, will be the forcasting for F4 using NAIVE forecasting method.
So F4 by using Naive forecasting method = 812
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(d) Similarly, the F4 using 4 months moving average will not be possible here because there are no four demands, previous to F4 here. Thus its answer is NP.
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(e) Here we just take last three entries from F6 that are 812,735,785
So the F6 using 3 months moving average = (812+ 735+ 785)/3 = 777.33
Answer
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(f) HEre we take last four demands from row of F4, that are 812,735,785 and 736, So,
the F7 by using 4 months moving average =(812+735+ 785+ 736)/4 = 767.00
Answer
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