Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month Sales 1 840 850 840 2 3 4 5 6 7 8 9 10 845 790 830 800 845 845 810 Forecast 1 Forecast 2 Forecast 1 830 810 795 835 MAPE F1 MAPE F2 790 795 805 780 820 830 a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.) Forecast 2 775 825 800 835 800 816 760 800 800 805 MSE MAD b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.)
Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month Sales 1 840 850 840 2 3 4 5 6 7 8 9 10 845 790 830 800 845 845 810 Forecast 1 Forecast 2 Forecast 1 830 810 795 835 MAPE F1 MAPE F2 790 795 805 780 820 830 a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.) Forecast 2 775 825 800 835 800 816 760 800 800 805 MSE MAD b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 2P: The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a...
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