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Question: 1. Explain how Solver can be used to identify the optimal weights in the weighted moving average model.

2. McCall's Garden Supply has seen the following annual demand for lime bags over the past 11 years:

(a) Develop 2-year, 3-year, and 4-year moving averages to forecast demand in year 12.

(b) Forecast demand with a 3-year weighted moving average in which demand in the most recent year is given a weight of 2 and demands in the other two years are each given a weight of 1.

(c) Forecast demand by using exponential smoothing with a smoothing constant of 0.4. Assume that the forecast for year 1 is 6,000 bags to begin the procedure.

(d) Which of the methods analyzed here would you use? Explain your answer.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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