I just need the last two please (: Problem #1-The table below shows the actual sales of a Product X sold by Company Y fromJanuary to December of 2019.MonthActual SalesNaïve Forecast -Absolute Value of(# of Product X)SalesErrors(# of Product X)Jan/19Feb/19Mar/191,8602,0333,556Apr/19May/19Jun/19Jul/194,2116,2507,99010,2509,8509,980Aug/19Sep/19Oct/199,990Nov/19Dec/197,8955,353Jan/20Explain the calculation method for the Naïve Forecast model.If at the end of every month from January/2019 to December/2019, the Sales Managera)b)would have applied the Naïve Model, calculate the Naive Forecast values for the months ofFebruary/2019 and all the way to January/2020. Enter those values on the table above.c)Calculate the Absolute Value of Error for every forecasted month, from February/2019 toJanuary/2020. Enter those values on the table above.d)- Why are there months when the Absolute Value of Error is very low and months when it ismuch higher?Calculate the Mean Absolute Deviation (MAD), the Mean Squared Error (MSE) and theMean Absolute Percent Error (MAPE) for the Naïve Forecast you created for Product X fromMarch/2019 to January/2020 (not from February/2019 to January/2020).

Answers of all parts is below:-

a) b) would have applied the Naïve Model, calculate the Naïve Forecast values for the months of Explain the calculation method for the Naïve Forecast model. If at the end of every month from January/2019 to December/2019, the Sales Manager February/2019 and all the way to January/2020. Enter those values on the table above. c) January/2020. Enter those values on the table above. Calculate the Absolute Value of Error for every forecasted month, from February/2019 to d) - Why are there months when the Absolute Value of Error is very low and months when it is much higher? Calculate the Mean Absolute Deviation (MAD), the Mean Squared Error (MSE) and the e) Mean Absolute Percent Error (MAPE) for the Naïve Forecast you created for Product X from March/2019 to January/2020 (not from February/2019 to January/2020).

a) b) would have applied the Naïve Model, calculate the Naïve Forecast values for the months of Explain the calculation method for the Naïve Forecast model. If at the end of every month from January/2019 to December/2019, the Sales Manager February/2019 and all the way to January/2020. Enter those values on the table above. c) January/2020. Enter those values on the table above. Calculate the Absolute Value of Error for every forecasted month, from February/2019 to d) - Why are there months when the Absolute Value of Error is very low and months when it is much higher? Calculate the Mean Absolute Deviation (MAD), the Mean Squared Error (MSE) and the e) Mean Absolute Percent Error (MAPE) for the Naïve Forecast you created for Product X from March/2019 to January/2020 (not from February/2019 to January/2020).

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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