155Two independent methods of forecasting based onjudgment and experience have been prepared eachmonth for the past 10 months. The forecasts and actualsales are as follows:1Month Sales Forecast 1835845212345678910Forecast850820785840815840785800Forecast835830840790815785770835a. Compute the MSE and MAD for each forecast. (Roundyour answers to 2 decimal places.)MSEMAPE F1MAPE F2805785Answer is complete but not entirely correct.MAD2,942.50 xForecast 27658301,125.60 x8158308008067758108158054.2153 X %3.4380 %22.50✔Return to question28.40✔b. Compute MAPE for each forecast. (Round yourintermediate calculations to 5 decimal places and finalanswers to 4 decimal places.)> Answer is complete but not entirely correct.c. Prepare a naive forecast for periods 2 through 11 usingthe given sales data. Compute each of the following; (1)MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2scontrol limits. (Negative values should be indicated by aminus sign. Round your answers to 2 decimal places.)

Here, for each month, I am given actual sales data, forecast 1 data, and forecast 2 data, Now, I…

Answered: a. Compute the MSE and MAD for each…

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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Period (t) Enrollment (1000s) 1 6.5 2 8.1 3 8.4 4 10.2 5 12.5 6 13.3 7 13.7 8 17.2 9 18.1 Develop a linear regression with a dependent variable of “Enrollment (1000s). A.What is the value of R square? (Make sure two decimal places.) B.What is the value of intercept? (Make sure two decimal places.) C.What is the coefficient value of Period (t)? (Make sure two decimal places.) D.Is the coefficient of Period (t) significant? (Yes:1, No: 0) E.What is the forecast for year 10?
The actual values for a data set all range between 100 and 200, and a manager develops a forecast model for the data. If the mean squared error and the mean absolute deviation error measurements for forecast are identical, what can we conclude about the forecast? a. This is mathematically impossible. b. The forecast is accurate. c. The forecast tends to overpredict. d. The forecast tends to underpredict.
Answer number 3 only. Full solution. Unique answers only.
Assume that your stock of sales merchandise is maintained based on the forecast demand. If the distributor's sales personnel call on the first day of each month, compute your forecast sales by each of the three methods requested here. June July August ACTUAL 144 184 210 a. Using a simple three-month moving average, what is the forecast for September? Note: Round your answer to 2 decimal places. Forecast for September b. Using a weighted moving average, what is the forecast for September with weights of 0.30, 0.40, and 0.30 for June, July, and August, respectively? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Forecast for September
Which of the following is NOT a typical application of analytics in operations and supply chain management? Question 4 options: Capacity and scheduling Logistics and sourcing All of these choices are typical applications. Forecasting
January February March April May June a. Calculate forecasts for the remaining five months using simple exponential smoothing with a = 0.4. February March April May June ACTUAL FORECAST 100 85 96 103 82 66 90 MAD Forecasts 91 93 97 91 81 b. Calculate the MAD for all the forecasts, including January's. (Round your answer to 1 decimal place.)
Naïve method versus three period Moving Average The number of major plumbing repair jobs performed by Augur’s Plumbing Service in each of the last six months is listed below. Month Jobs October 92 November 94 December 98 January 95 February 99 March 104 Use the ‘textbook’ naïve method to forecast April jobs (Ft+1 = Xt + (Xt – Xt-1). Use the three- period moving average to forecast jobs in April Based upon the MAD (mean absolute deviation), determine whether the three-period moving average or textbook naïve method is more accurate, based upon forecasts for January through March.
Answer number 1 only. Full solution. Unique answers only.
Interpret the MAD of the most accurate among the forecasting models below. A. Naïve approach;B. 5-month SMA model;C. WMA model with weights 0.1, 0.3, and 0.6; orD. ES model with α = 0.5 and a forecast of 3,500 liters in the first month.
Problem 3
Forecasting at Hard Rock Cafe Watch: Forecasting at Hard Rock Cafe # Foresting With the growth of Hard Rock Cafe-from one pub in London in 1971 to more than 185 restaurants in 74 countries today -came a corporatewide demand for better forecasting. Hard Rock uses long-range forecasting in setting a capacity plan and intermediate-term forecasting for locking in contracts for leather goods (used in jackets) and for such food items as beef, chicken, and pork. Its short-term sales forecasts are conducted each month, by cafe, and then aggregated for a headquarters view. The heart of the sales forecasting system is the point-of-sale (POS) system, which, in effect, captures transaction data on nearly every person who walks through a cafe's door. The sale of each entrée represents one customer; the entrée sales data are transmitted daily to the Orlando corporate headquarters' database. There, the financial team, headed by Todd Lindsey, begins the forecast process. Lindsey forecasts monthly…
Answer number 1 only. Full solution. Unique answers only.

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