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

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

Practical Management Science
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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Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows:
1 ns. The forecasts and actual sales are as 2 Month Sales 1 835 2 845 3 850 4 820 5 785 6 840 7 815 840 785 800 8 9 10 Forecast a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.) Forecast MAPE F1 Forecast 1 835 830 MAPF F2 < Prev 840 790 815 785 770 835 MSE 805 785 b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.) % % Forecast 2 765 830 815 830 800 806 775 810 815 805 15 of 15 MAD ‒‒‒ 22.50 28.40 Next >
Transcribed Image Text:1 ns. The forecasts and actual sales are as 2 Month Sales 1 835 2 845 3 850 4 820 5 785 6 840 7 815 840 785 800 8 9 10 Forecast a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.) Forecast MAPE F1 Forecast 1 835 830 MAPF F2 < Prev 840 790 815 785 770 835 MSE 805 785 b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.) % % Forecast 2 765 830 815 830 800 806 775 810 815 805 15 of 15 MAD ‒‒‒ 22.50 28.40 Next >
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