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Use the trend projection method, and the trend projection with seasonal adjustment method to create forecasting models in Excel. Next, using the two models, compute the forecasted values of monthly total passengers between 2010 to 2012  Compare the above two models using MAD, MSE, and MAPE  Please explain which of the two models is performing better and why? Use the best model to forecast the monthly total passengers for year 2013

Use the trend projection method, and the trend projection with seasonal adjustment method to create forecasting models in Excel. Next, using the two models, compute the forecasted values of monthly total passengers between 2010 to 2012  Compare the above two models using MAD, MSE, and MAPE  Please explain which of the two models is performing better and why? Use the best model to forecast the monthly total passengers for year 2013

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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  1. Use the trend projection method, and the trend projection with seasonal adjustment method to create forecasting models in Excel. Next, using the two models, compute the forecasted values of monthly total passengers between 2010 to 2012 
  2. Compare the above two models using MAD, MSE, and MAPE  Please explain which of the two models is performing better and why?
  3. Use the best model to forecast the monthly total passengers for year 2013 
Period # 37 38 39 40 41 42 43 44 45 46 47 48 Year 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec #Passengers
Transcribed Image Text:Period # 37 38 39 40 41 42 43 44 45 46 47 48 Year 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec #Passengers
Period # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Year 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec #Passengers 151 159 178 174 163 182 200 200 184 161 140 159 155 170 190 182 169 201 230 230 213 180 154 189 196 203 240 220 232 240 269 269 248 219 197 224 Trend Projection CRITERIA FOR EVALUATION Trend Projection with Seasonal Adjustment Error Measure MAD MSE MAPE Trend Projection Trend Projection with Seasonal Adjustment Which of the two models performed better and why?
Transcribed Image Text:Period # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Year 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec #Passengers 151 159 178 174 163 182 200 200 184 161 140 159 155 170 190 182 169 201 230 230 213 180 154 189 196 203 240 220 232 240 269 269 248 219 197 224 Trend Projection CRITERIA FOR EVALUATION Trend Projection with Seasonal Adjustment Error Measure MAD MSE MAPE Trend Projection Trend Projection with Seasonal Adjustment Which of the two models performed better and why?
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