Decision Science - Retail Onion Prices - Science Assignment Help

Assignment Task:

Decision Science Assignment Help

1. The retail onion prices in rupees per kg in a local market for a 16 weeks period were 21, 19, 14, 17, 22, 25, 32, 29, 27, 24, 26, 29, 23, 21, 18, and 15. Calculate Mean, Median, Mode, Variance, Standard Deviation, and Interquartile Range for these onion prices. Also, calculate the range of onion prices, containing 95% of the data. Based on these calculations, what inference we can draw about the distribution of onion prices data?

2. The retail onion prices in rupees per kg in a local market for a 16 weeks period were 21, 19, 14, 17, 22, 25, 32, 29, 27, 24, 26, 29, 23, 21, 18, and 15. Forecast retail onion prices for next 4 weeks, using 2-months, 3-months and 4-months moving average prices. Calculate Mean Absolute Deviation (MAD) and Mean Square Error (MSE) for these three forecasting methods. What inference we can draw from these forecasts? What are the implications of using different periods of moving averages for forecasting?

b. Based upon the market research and economic forecasts, the retail chain expects that the probability of each of the growth potential is 0.3 for no growth, 0.4 for low growth and 0.3 for high growth. Calculate the expected monetary value (EMV) of each location and select the best location. Which location would you recommend after evaluating each one of them using these five criteria?. Based upon the market research and economic forecasts, the retail chain expects that the probability of each of the growth potential is 0.3 for no growth, 0.4 for low growth and 0.3 for high growth. Calculate the expected monetary value (EMV) of each location and select the best location. Which location would you recommend after evaluating each one of them using these five criteria?

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