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
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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
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An analyst must decide between two different forecasting techniques for weekly sales of roller blades: a...
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techniques for weekly sales of roller blades: a linear trend
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