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MGMT617 - Production Planning and Inventory Control GDB No. 1 Solution Fall 2018 Due Date: December 03, 2018 

Total Marks 10
Starting Date Wednesday, November 28, 2018
Closing Date Monday, December 03, 2018
Status Open
Question Title GDB 1
Question Description

Following are the sales data of past 12 months of XYZ Co. You, being the manager of company, have to choose a suitable method for forecasting from Moving Average Method and Exponential Smoothing Method to predict future sales. 

Use a 3-period moving average for first method; and α = 0.2 for exponential smoothing model and decide which method is more appropriate.

 

Period

Demand

1

760

2

1137

3

1565

4

1240

5

1034

6

1529

7

1824

8

1567

9

1342

10

2071

11

2414

12

2207

 

 

Note:

  • Show the forecasts along with necessary calculations in tabular form.
  • Compare mean absolute deviation (MAD) for both models and decide which model gives better forecasts.
  • You may solve the problem in MS Excel and copy/paste the tables in GDB comments.

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