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Business Forecasting 9th Edition by John Hanke, Dean Wichern
Edition 9ISBN: 978-0132301206Business Forecasting 9th Edition by John Hanke, Dean Wichern
Edition 9ISBN: 978-0132301206 Exercise 2
Consider the actual sales shown in Table P-2 along with one-step-ahead forecasts produced by Winters' method and by a regression model.
a. Construct the combined forecasts of sales produced by taking a simple average of the forecasts produced by Winters' method and the regression model.
b. Construct the combined forecasts of sales produced by taking a weighted average of the Winters' forecasts and the regression forecasts with weights w 1 =.8 and w 2 = 1 - w 1 =.2.
c. Using the actual sales, determine the MAPEs for the Winters' forecasts and the regression forecasts.
d. Repeat part c using the combined forecasts from parts a and b. Based on the MAPE measure, which set of forecasts do you prefer?
a. Construct the combined forecasts of sales produced by taking a simple average of the forecasts produced by Winters' method and the regression model.
b. Construct the combined forecasts of sales produced by taking a weighted average of the Winters' forecasts and the regression forecasts with weights w 1 =.8 and w 2 = 1 - w 1 =.2.
c. Using the actual sales, determine the MAPEs for the Winters' forecasts and the regression forecasts.
d. Repeat part c using the combined forecasts from parts a and b. Based on the MAPE measure, which set of forecasts do you prefer?
Explanation
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a.
Compute the combined forecasts of sal...
Business Forecasting 9th Edition by John Hanke, Dean Wichern
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