Exponential Smoothing Forecasting Method Essay Assignment Help

Exponential Smoothing Forecasting Method Essay Assignment Help

Captain John, owner of a boat company has a contract to manufacture 8 boats. He sees that 300 workers had to work 40 hours each to build the first boat. Astonishingly, it took 68 workers less to construct the third boat, with each worker working 40 hours each again. Banking on a learning curve, how many hours in total will John’s company take to satisfy the contract? What would be the number of workers to build the 5th, 6th and 7th unit?

A new product requires 100 labour hours for the first unit. If the production line operates at an 83% learning rate, what will be the average labour hours per unit required to produce 4 units?

Given is the historical monthly data of demand for a product manufactured by XR Manufacturers.

 

Month	units	Month	units
Jan	750	Jul	698
Feb	840	Aug	452
Mar	454	Sep	854
Apr	258	Oct	879
May	459	Nov	658
Jun	732	Dec	850

 

Forecast the simple three-month moving average for months Apr to Dec. Also forecast the weighted three-month moving average for months April to December using weights 0.5, 0.3, 0.2

for the most recent, second most recent and third most recent periods respectively. Based on the mean absolute deviation, suggest the best forecast method for this business.

 

For Problem 3, use exponential smoothing forecasting method to estimate the demands from May to December with exponential smoothing factors being 0.1 and 0.6. Based on mean absolute deviation, is exponential smoothing forecast yielding better results than the other two forecasting techniques? Assume the forecast for the month of April to be the value obtained from the weighted moving average method in the previous problem.

Given the data below, what is the simple linear regression model that can be used to predict sales in future weeks?

 

Week	Sales
1	245
2	265
3	296
4	166
5	198

 

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