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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.)

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.)

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water.

 

Actual demand and the two sets of forecasts are in the table below.
 

    PREDICTED DEMAND
Period Demand F1 F2
1 68 67 60
2 75 67 67
3 70 71 70
4 74 69 72
5 69 71 77
6 72 70 77
7 80 72 75
8 78 75 83
 

 


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.)

 

 

 

 
 
UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. Period 1 2 3 4 5 6 7 Demand 68 75 70 74 69 72 80 78 MAD F1 MAD F2 PREDICTED DEMAND CONSERNA F1 67 67 71 69 71 78 72 75 段能印花刀刀刀58 F2 68 67 70 72 77 77 75 83 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.) appears to be more accurate.
Transcribed Image Text:UltraPure used two different techniques (F1 and F2) to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are in the table below. Period 1 2 3 4 5 6 7 Demand 68 75 70 74 69 72 80 78 MAD F1 MAD F2 PREDICTED DEMAND CONSERNA F1 67 67 71 69 71 78 72 75 段能印花刀刀刀58 F2 68 67 70 72 77 77 75 83 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.) appears to be more accurate.
Expert Solution
Step 1: Define forecast:-

Forecasting is about making predictions or assessments about future events, trends, or outcomes as per the historical data, analysis, and different forecasting methods. It permits organizations to plan, make educated decisions, assign resources, and set goals. 

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