A manufacturing area needs to forecast workhours. This is a slightly different project. The data for...

A manufacturing area needs to forecast workhours. This is a slightly different project. The data for several months is supplied below. Beside each of the actual numbers in black, the forecast is provided in red. The goal is to calculate three stats on the data: MAD, MAPE, and the tracking signal. Be careful since the data is listed beginning with the most recent. Please round to two decimal places. For MAPE, please convert to a percentage before rounding. Do not enter the percent sign.

Jul 2020: 1693, 1591	Jun 2020: 1408, 1281	May 2020: 1945, 2237	Apr 2020: 1197, 1125	Mar 2020: 1985, 2084	Feb 2020: 1584, 1378
Jan 2020: 1117, 1050	Dec 2019: 1660, 1743	Nov 2019: 1113, 968	Oct 2019: 1127, 958	Sep 2019: 1075, 1204	Aug 2019: 1253, 1103
Jul 2019: 1633, 1437	Jun 2019: 1552, 1443	May 2019: 1689, 1486	Apr 2019: 1775, 1988	Mar 2019: 1523, 1355	Feb 2019: 1634, 1879
Jan 2019: 1675, 1910	Dec 2018: 1488, 1637	Nov 2018: 1399, 1581	Oct 2018: 1071, 975	Sep 2018: 1721, 1807	Aug 2018: 1389, 1195
Jul 2018: 1656, 1457	Jun 2018: 1342, 1409	May 2018: 1022, 910	Apr 2018: 1599, 1391	Mar 2018: 1558, 1636	Feb 2018: 1440, 1310
Jan 2018: 1903, 2169	Dec 2017: 1637, 1833	Nov 2017: 1052, 999	Oct 2017: 1092, 1256	Sep 2017: 1955, 1740	Aug 2017: 1623, 1866
Jul 2017: 1682, 1917

Please enter MAD here--->
Please enter MAPE % here--->
Please enter the tracking signal here--->

Solutions

Expert Solution

Question: A manufacturing area needs to forecast workhours. This is a slightly different project. The data for several months is supplied below. Beside each of the actual numbers in black, the forecast is provided in red. The goal is to calculate three stats on the data: MAD, MAPE, and the tracking signal. Be careful since the data is listed beginning with the most recent. Please round to two decimal places. For MAPE, please convert to a percentage before rounding. Do not enter the percent sign.

Answer: (Make sure to recheck the supplied data with my calculations. Here at my end i couldn't differentiate actual and forecast value colors. And intermediate values are not rounded, only output values are rounded to two decimals. For your convenience i have also provided excel formulas used, refer accordingly)

MAD = 159

MAPE % = 10.60

Tracking Signal = -0.26

Explanation:

Overall Calculation:

Excel Formulas Used:

Formulas:

Mean Absolute Deviation (MAD) = |Error| / n

Here: |Error| = |Actual - Forecast|

Mean Absolute Percent Error (MAPE) = (|Error| / Actual) x 100

Running Sum of Forecast Error (RSFE) = Error

Tracking Signal (TS) = (RSFE / MAD)

keosha answered 8 months ago

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