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The manager of Petroco Service Station wants to forecast demand for unleaded gasoline next month so that the proper number of gallons can be ordered from distributor. The owner has accu­mulated the following data on demand for unleaded gasoline from sales throughout the past 10 months:

 

Month 

Gasoline Demanded (gal.)

October

800

November

725

December

630

January

500

February

645

March

690

April

730

May

810

June

1,200

July

980

 

a. Evaluate an adjusted exponentially smoothed forecast (with alpha = .30 and beta = .20).

 

b. Compare two forecasts by using MAPD and indicate which seems to be more accurate.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
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