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 1 year ago

Next > < Previous

Related Solutions

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 1 771 774 772 2 790 789 791 3 794 792 792 4 776 776 775 5 772 773 772 6 770 771 772 7 761 761 765 8 774 778 778 9 792 792 794 10 794 798 797 a. Compute a tracking signal for...

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 1 840 810 795 2 835 780 825 3 810 835 850 4 845 840 840 5 790 775 800 6 845 790 806 7 820 785 810 8 850 770 805 9 830 835 840 10 795 785 810 a. Compute the MSE and...

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 1 830 790 760 2 845 800 795 3 795 805 820 4 825 815 830 5 770 780 795 6 835 790 796 7 785 765 800 8 835 785 835 9 805 800 810 10 855 820 795 c. Prepare a naive forecast for...

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...

Problem 3-22 Two independent methods of forecasting based on judgment and experience have been prepared each...

Problem 3-22 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 1 830 800 780 2 835 825 830 3 790 800 820 4 800 815 830 5 785 820 815 6 825 805 786 7 775 770 805 8 860 830 820 9 810 805 785 10 810 845 840 a. Compute the...

1. Two independent forecasting methods have been used each week for the past 5 weeks. The...

1. Two independent forecasting methods have been used each week for the past 5 weeks. The forecasts and actual sales are as follows. Week Actual Sales (number of units) Sales Forecasts (number of units) Method 1 Method 2 Five weeks ago 20 18 21 Four weeks ago 19 19 20 Three weeks ago 21 20 19 Two weeks ago 18 19 17 Last week 22 23 22 a. Calculate the Mean Absolute Deviation (MAD) measures for forecasting methods 1 and...

Forecasting Exchange Rates Explain two of the methods for forecasting exchange rates and provide examples of...

Forecasting Exchange Rates Explain two of the methods for forecasting exchange rates and provide examples of how they might work.

Explain the role of forecasting, identifying different methods, and the strengths and weaknesses of each

Question 1 The simulation models that have been based on independent trials in which the results...

Question 1 The simulation models that have been based on independent trials in which the results for one trial do not affect what happens in subsequent trials are referred to as: static simulation models dynamic simulation models discrete-event simulation models continuous-event simulation models Question 2 In an inventory simulation model, the percentage of total demand that will be satisfied is referred to as: the service level the optimal order quantity customer satisfaction level the optimal inventory level Question 3 If...

For your analysis, you have been asked to compare methods based on a machine that cost...

For your analysis, you have been asked to compare methods based on a machine that cost $176,000. The estimated useful life is 10 years, and the estimated residual value is $33,440. The machine has an estimated useful life in productive output of 216,000 units. Actual output was 28,000 in year 1 and 24,000 in year 2. Required: 1. For years 1 and 2 only, prepare separate depreciation schedules assuming: (Do not round intermediate calculations and round your final answers to...

Subjects