a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) MAD F1 MAD F2 Answer is complete and correct. 5.00 4.38
a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) MAD F1 MAD F2 Answer is complete and correct. 5.00 4.38
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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used to forecast demand for cases of bottled water. Actual
demand and the two sets of forecasts are as follows:
2
3
4
5
6
7
8
F2
Demand
68
75
70
74
69
72
80
78
MAD F1
MAD F2
Click here for the Excel Data File
PREDICTED DEMAND
F1
F2
62
64
66
62
71
70
67
73
73
76
79
79
80
67
73
77
a. Compute MAD for each set of forecasts. Given your
results, which forecast appears to be more accurate?
(Round your answers to 2 decimal places.)
MSE F1
MSE F2
Saved
✔Answer is complete and correct.
5.00✔
4.38✔
✔Answer is complete and correct.
appears to be more accurate.
b. Compute the MSE for each set of forecasts. Given your
results, which forecast appears to be more accurate?
(Round your answers to 2 decimal places.)
✔Answer is complete and correct.
36.86✔✔
41.29✔
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Step 1: Introduction:-
The forecast is making estimates of future events or trends as per the available information and analysis of current as well as past conditions. Forecasting is done by using data, statistics, and expertise to predict the possibilities that might occur in the near future.
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