STATS MM207 Even though independent gasoline stations have

| June 14, 2018

Really need help with this assignment as soon as possible please. Can anyone help?Directions:The following software may be used:Excel->Data AnalysisExcel QMQM for Windows (PC only)Please make sure to insert your answers, including any charts, graphs, or output, on this document.You may be required to also upload original files from Excel or QM forWindows.The calculations are not your final answer. A summary/explanation in your own word for each question posed should be included.Question6requires theuse of theStates Data File.The States Data file is located in Doc Sharing->Instructor Graded Projects.Be sure to put your name on this document and save it to your computer.Upload this Word document as your Unit7 submission in the course Drop Box.Submitting Your Project:Save your project in a location that you will remember and with your full name. When you are ready to submit your project, click on the Dropbox and complete the steps below:Click the link that says, “Submit an Assignment.”In the “Submit to Basket” menu, select Unit 7 Project.In the “Comments” field include your name.Click the “Add Attachments” button.Follow the steps listed to attach your Word Document.You should revisit the Dropbox to view any helpful feedback your instructor has and to retrieve your graded project.Make sure that you save a copy of your submitted project.1. Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gas station. Susan’s problem is to decide how large her station should be. The annual returns will depend on both the size of the station and a number of marketing factors related to oil industry and demand for gasoline. After careful analysis, Susan developed the following table:Size of Gasoline StationGood Market ($)Fair Market ($)Poor Market ($)Small$1500$750-$500Medium$3500$1500-$1000Large$7500$4500-$20,000Youmay useExcel QM or QM for Windows:What is the Maximax decision?Answer:Explanation (includesoftware output or calculation):What is the Maximin decision?Answer:Explanation (includesoftware output or calculation):What is the criterion of realism decision? Use ? = 0.4.Answer:Explanation (includesoftware output or calculation)Develop an Opportunity Loss Table.Table:What is the Minimax Regret Decision?Answer:Explanation (includesoftware output or calculation):2. Data collected on the yearly demand for 50-pound bags of fertilizer at Sunshine Garden Supply are shown in the following table.YearDemand for Fertilizer(1,000s of Bags)115213312410596971281491010151112Youmay use Excel QM to:Develop a three-year moving average to forecast sales in year 12.Answer:Explanation (include software output or calculation):Develop a three-year weighted average to predict demand in year 12, in which sales in the most recent year is given a weight of4, the second most recent year is weighted 2 and sales in the third most recent year has a weight of 1.Answer:Explanation (include software output or calculation):Develop a regression/trend line to estimate the demand for fertilizer in year 12.Answer:Explanation (include software output or calculation):Analysis of the forecasting errors indicates which forecastingmethod (moving average, weighted moving average or regression) is best in this situation?Answer:Explanation:

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