Question
In: Statistics and Probability
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled...
Two different forecasting techniques (F1 and F2) were used to
forecast demand for cases of bottled water. Actual demand and the
two sets of forecasts are as follows:
| PREDICTED DEMAND | |||
| Period | Demand | F1 | F2 |
| 1 | 68 | 64 | 63 |
| 2 | 75 | 68 | 60 |
| 3 | 70 | 75 | 70 |
| 4 | 74 | 65 | 67 |
| 5 | 69 | 73 | 76 |
| 6 | 72 | 70 | 74 |
| 7 | 80 | 74 | 75 |
| 8 | 78 | 75 | 85 |
a. Compute MAD for each set of forecasts. Given
your results, which forecast appears to be more accurate?
(Round your answers to 2 decimal place.)
| MAD F1 | |
| MAD F2 | |
(Click to
select) F2 F1 None appears
to be more accurate.
b. Compute the MSE for each set of forecasts.
Given your results, which forecast appears to be more accurate?
(Round your answers to 2 decimal
places.)
| MSE F1 | |
| MSE F2 | |
(Click to
select) F2 F1 None appears
to be more accurate.
c. In practice, either MAD or
MSE would be employed to compute forecast errors. What factors
might lead a manager to choose one rather than the other?
Either one might already be in use, familiar to users, and have
past values for comparison. If (Click to
select) tracking signals control
charts are used, MSE would be natural;
if (Click to select) control
charts tracking signals are used, MAD would
be more natural.
d. Compute MAPE for each data set. Which forecast
appears to be more accurate? (Round your intermediate
calculations to 2 decimal places and and final answers to 2 decimal
places.)
| MAPE F1 | |
| MAPE F2 | |
(Click to select) F2 F1 None appears to be more accurate.
Solutions
orchestra answered 2 years agoRelated Solutions
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled...
Two different forecasting techniques (F1 and F2) were used to
forecast demand for cases of bottled water. Actual demand and the
two sets of forecasts are as follows: PREDICTED DEMAND Period
Demand F1 F2 1 68 67 65 2 75 67 66 3 70 73 70 4 74 69 69 5 69 72 72
6 72 66 73 7 80 70 75 8 78 77 81 a. Compute MAD for each set of
forecasts. Given your results, which forecast appears...
Two different forecasting techniques, Linear Regression and Trend-Seasonal, were used to forecast demand for cases of...
Two different forecasting techniques, Linear Regression and
Trend-Seasonal, were used to forecast demand for cases of bottled
water. Actual demand and the two sets of forecasts are as
follows.
Predicted Demand
Period Sales Regression Linear regression Trend-Seasonal
1 282 200 290
2 255 210 230
3 262 220 270
4 290 230 210
5 230 240 250
A) Compute the MAD and Bias for each technique.
B) Construct a sentence to describe what the MAD and Bias tell
the average...
Two types of forecasting methods (F1 and F2) were used to calculate the predicted demand show...
Two types of forecasting methods (F1 and F2) were used to
calculate the predicted demand show below.
PREDICTED DEMAND
Period
Demand
F1
F2
1
68
60
61
2
75
65
68
3
70
73
70
4
74
71
73
5
69
71
74
6
72
65
78
7
80
70
75
8
78
76
80
a.
Calculate the Mean Absolute Deviation for F1 and F2. Which is
more accurate? (Round your answers to 2 decimal
places.)
MAD...
Two forces, vector F1 and F2, act at a point. The magnitude of F1 is 9.50...
Two forces, vector F1 and F2, act at a
point. The magnitude of F1 is 9.50 N, and its direction
is an angle 65.0 degrees above the negative direction of x-axis in
the second quadrant. The magnitude of F2 is 5.50 N, and
its direction is an angle 53.1 degrees below the negative direction
of x-axis in the third quadrant.
Part A: What is the x-component of the resultant force?
Part B: What is the y-component of the resultant force?...
Two forces, F1 and F2, act at a point, as shown in the picture....
Two forces, F1 and F2, act at a point, as shown in the
picture. (Figure 1) F1 has a magnitude of 8.00 N and is directed
at an angle of α = 62.0 ∘ above the negative x axis in the
second quadrant. F2 has a magnitude of 5.60 N and is directed at
an angle of β = 52.8 ∘ below the negative x axis in the
thirdA) What is the x component Fx of the resultant
force?Express your...
"There are two independent factors in the economy, F1 and F2, and the betas for Portfolio...
"There are two independent factors in the economy, F1 and F2,
and the betas for Portfolio X on these factors are 1 and 2
respectively. For Portfolio Y, the betas on the two factors are 2
and 1 respectively. The expected returns of X and Y are 6.5% and 7%
respectively. If the risk-free rate is 3%, what is the expected
return of Portfolio Z that has beta of 1 on F1 and beta of 1 on
F2?"
Describe the common techniques used for forecasting exchange rates.
Describe the common techniques used for forecasting exchange
rates.
Two thin lens (f1 = 15cm, f2 = −30cm) are separated by a distance d =...
Two thin lens (f1 = 15cm, f2 = −30cm) are
separated by a distance d = 10cm.
(a) (10 points) Find the matrix of the system.
(b) (15 points) If 2cm tall object is placed on the distance 30cm
to the left from the first lens. Find
the position and the size of the image by using matrix
method.
(c) (25 points) Find positions of the cardinal points of the
system. Find the position and the size of
the image...
An analyst must decide between two different forecasting techniques for weekly sales of roller blades: a...
An analyst must decide between two different forecasting
techniques for weekly sales of roller blades: a linear trend
equation and the naive approach. The linear trend equation is Ft =
125 + 2.0t, and it was developed using data from periods 1 through
10. Based on data for periods 11 through 20 as shown in the table,
which of these two methods has the greater accuracy if MAD and MSE
are used? (Round your intermediate calculations and final answers
to...
An analyst must decide between two different forecasting techniques for weekly sales of roller blades: a...
An analyst must decide between two different forecasting
techniques for weekly sales of roller blades: a linear trend
equation and the naive approach. The linear trend equation is
Ft = 124+ 2.1t, and it was developed
using data from periods 1 through 10. Based on data for periods 11
through 20 as shown in the table, which of these two methods has
the greater accuracy if MAD and MSE are used? (Round your
intermediate calculations and final answers to 2...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Tidewater Company uses the product cost concept of applying the cost-plus approach to product pricing. The...
- Create 5 short-term plan of technology projects that you can perform outside of an I.T. department...
- Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
- Toady and Froggy were running a vegan cafe together. The business was having financial difficulties.Betelguese, who...
- 1. The following questions concern Jesse Gelsinger who suffered from partial OTC. a. In the...
- Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales...
- TzeMay was one of the first women engineering students at ABC University. She graduated in 1995...
ADVERTISEMENT