Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. advance math
  3. two independent methods of forecasting based on ju

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

90.2K

Verified Solution

Question

Advance Math

Two independent methods of forecasting based on judgment andexperience have been prepared each month for the past 10 months.The forecasts and actual sales are as follows:

MonthSalesForecast 1Forecast 2
1845815820
2835835825
3795820825
4820830795
5795785780
6835785771
7805810785
8850780785
9840805830
10805815825

     

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

MSEMAD
Forecast 1??
Forecast 2??

   

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

MAPE F1  ?   %
MAPE F2?    %

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

MSE?
MAD?
Tracking signal?
Control limits0 ± ?

Answer & Explanation Solved by verified expert
4.3 Ratings (986 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

2 Perform the addition or subtraction and write the result in standard form 191 15...

Finance
1.2K views

How should we estimate the mix of equity and debt in the firm’s capital structure, and...

Psychology
1.2K views

Should teachers address social/political issues related to gender, race, sexual orientation, disabilities, and social class in the...

Advance Math
1.2K views

Let G = D3 x Z2 x Z3. Let N = { (e,0,0), (d2,0,0), (e,1,0,), (d2,1,0)...

Biology
1.2K views

Pakicetus is an ancient wolf like organism that lived 50 million year ago It had...

Basic Math
1.2K views

Consider the function f x ax2 bx c The graph of y f x is...

Calculus
1.2K views

Carbon 14 is a radioactive isotope of carbon found in all living organisms While the...

Algebra
1.2K views

The diagram shows a platform The platform has supports that are fixed to both a...

Accounting
1.2K views

Name two items that should be included in an RFP for a financial systems implementation.

Accounting
1.2K views

1. What are characteristics of the new view of accounting in 1970s? 2. In what...

Finance
1.2K views

Economical solar energy and energy from fusion have been identified as two of engineering's grand...

Finance
1.2K views

PS 14-graded Due: Wednesday, February 16, 2002, at 11:00 PM EST Mew List Unwwwod ng...