Introduction .
The monthly consumption of baby diapers in a maternity clinic is shown in file WB7.xlsx. Consumption has been recorded for the last 24 month.
Assignment Instructions.
1. Open the MS Excel file WB7.xlsx.
2. Add a column with a naïve forecast for periods 5 through 24.
3. Add a column to show the forecasting error for periods 5 through 24.
4. Calculate the MSE for the naïve forecast.
5. Add a column with the simple average forecast for periods 5 through 24.
6. Add a column to show the forecasting error for periods 5 through 24.
7. Calculate the MSE for the simple average forecast.
8. Add a column with a moving average to include the last 5 values for periods 5 through 24.
9. Add a column to show the forecasting error for periods 5 through 24.
10. Calculate the MSE for the moving average forecast.
11. Compare the accuracy of the three models.
12. Estimate the demand for baby diapers in the clinic for period 25 for each of the models.
Submit the Excel file with your calculations, along with a Word file with your comments.
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