Case Study Overview
You have recently been assigned to the production planning department within your company. Your firm makes. large blades for power generation windmills. The windmills are mostly used in the western part of the country and take about a week to build.
Your boss has provided you with the monthly demand for blades from the last year and asked that you produce a forecast for January so that he can work with the material planning and scheduling department to make sure that the required materials are on hand and schedule the workers hours.
By the end of the week, your boss has asked you to produce a professional video presentation with all of the needed data so that he can brief his boss on your findings.
Using the data provided, produce forecasting models using the following:
Simple Moving Average (on a 4 month moving average)
Weighted Moving Average (4 month moving average with weights = 0.4, 0.3, 0.2. 0.1)
Exponential Smoothing (α = 0.3) (assume forecast for January is the same as the actual demand)
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