Question 3ABC Restaurant has made a forecast for last week's operations vs Actualresult of the forecast last week.PeriodMondayTuesdayWednesdayThursdayFridayActual112110113120140Forecast115.1041110115135Using this table above, solve for Mean Absolute Percent Error (MAPE)Note Round up to the last 2 decimals, example 9.6568->9 663

The general formula to calculate MAD is: MAD = total |actual-forecast| / total number of periods

Answered: Tuesday Wednesday Thursday Friday Using…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.6: Moving Averages Models

Problem 22P: The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six...

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The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.
The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?

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Tuesday Wednesday Thursday Friday Using this table above, solve for Mean Absolute Percent Error (MAPE) in to the last 2 decimals, example 9.6568->9 66 113 120 140 115 135