Question

In: Advanced Math

Two independent methods of forecasting based on judgment and experience have been prepared each month for...

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 Forecast 1 Forecast 2
1 845 815 820
2 835 835 825
3 795 820 825
4 820 830 795
5 795 785 780
6 835 785 771
7 805 810 785
8 850 780 785
9 840 805 830
10 805 815 825

     

a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.)

MSE MAD
Forecast 1 ? ?
Forecast 2 ? ?

   

b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.)

MAPE F1   ?   %
MAPE F2 ?    %

c. Prepare a naive forecast for periods 2 through 11 using the given sales data. Compute each of the following; (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits. (Round your answers to 2 decimal places.)

MSE ?
MAD ?
Tracking signal ?
Control limits 0 ± ?

Solutions

Expert Solution

Colby Messinger answered 2 years ago
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