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Question 2 Part 1(a) York university parking services forecasted the number of parking passes issued monthly given the following table, if the Mean Error (ME) = 11, determine what the actual value of the number of parking passes issue must have been in May(A3). Month Number of Parking Passes issued Forecast March 1490 1455

Question 2 Part 1(a) York university parking services forecasted the number of parking passes issued monthly given the following table, if the Mean Error (ME) = 11, determine what the actual value of the number of parking passes issue must have been in May(A3). Month Number of Parking Passes issued Forecast March 1490 1455

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 23PPS
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Question 2 Part 1(a) York university parking services forecasted the number of parking passes issued monthly given the following table, if the Mean Error (ME) = 11, determine what the actual value of the number of parking passes issue must have been in May(A3). Month Number of Parking Passes issued Forecast March 1490 1455 April May 1040 1050 А3-? 2675 June 2525 2450 July August 1900 1950 2122 2125 Part I(b) York university parking services also wants to forecast the number of parking passes issued monthly and revenue (in thousands) generated from these parking passes. The data for six months in 2021 is in the table below. Month Number of Passes Revenue(in thousands) March 1490 170 April May 1040 120 A3=? 300 June 2525 250 July 1900 270 August 2122 350 If you want to compare the forecast accuracy of these two different time series(number of passes issued and revenue), what measurement of the forecast accuracy have you applied? Part I(c) Using the table given in Part I (b), Forecast the revenue of September using the 3-month moving average method and the exponential smoothing method with a smoothing constant of 0.4. Part I(d) Using the forecast information of revenue in Part I(c), calculate the measurement of the forecast accuracy you selected in Part I (b) Do you prefer the 3-month moving average method or the exponential smoothing method? Why?
Transcribed Image Text:Question 2 Part 1(a) York university parking services forecasted the number of parking passes issued monthly given the following table, if the Mean Error (ME) = 11, determine what the actual value of the number of parking passes issue must have been in May(A3). Month Number of Parking Passes issued Forecast March 1490 1455 April May 1040 1050 А3-? 2675 June 2525 2450 July August 1900 1950 2122 2125 Part I(b) York university parking services also wants to forecast the number of parking passes issued monthly and revenue (in thousands) generated from these parking passes. The data for six months in 2021 is in the table below. Month Number of Passes Revenue(in thousands) March 1490 170 April May 1040 120 A3=? 300 June 2525 250 July 1900 270 August 2122 350 If you want to compare the forecast accuracy of these two different time series(number of passes issued and revenue), what measurement of the forecast accuracy have you applied? Part I(c) Using the table given in Part I (b), Forecast the revenue of September using the 3-month moving average method and the exponential smoothing method with a smoothing constant of 0.4. Part I(d) Using the forecast information of revenue in Part I(c), calculate the measurement of the forecast accuracy you selected in Part I (b) Do you prefer the 3-month moving average method or the exponential smoothing method? Why?
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