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: 1Month123456789102ForecastForecastSales835845850820785840815840MAPE F1MAPE F2785800Forecast 1835830840790MSE815785a. Compute the MSE and MAD for each forecast. (Roundyour answers to 2 decimal places.)770835805785869.44✔1,250.67MSEMADTracking signalForecast 2765830Answer is complete and correct.2.7519✔ %3.4380 %MAD81583022.5080080628.40775810815805b. Compute MAPE for each forecast. (Round yourintermediate calculations to 5 decimal places and finalanswers to 4 decimal places.)Answer is complete and 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.)> Answer is complete but not entirely correct.72,197.22 X105.50 X-1.25✔

Forecast for 10 months is provided using 2 methods:

c. Prepare a naive forecast for periods 2 through 11 using the given sales data. Compute each of the following; (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) Answer is complete but not entirely correct. MSE MAD Tracking signal 72,197.22X 105.50 -1.25

c. Prepare a naive forecast for periods 2 through 11 using the given sales data. Compute each of the following; (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) Answer is complete but not entirely correct. MSE MAD Tracking signal 72,197.22X 105.50 -1.25

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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Question

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
Month
1
2
3
4
5
6
7
8
9
10
2
Forecast
Forecast
Sales
835
845
850
820
785
840
815
840
MAPE F1
MAPE F2
785
800
Forecast 1
835
830
840
790
MSE
815
785
a. Compute the MSE and MAD for each forecast. (Round
your answers to 2 decimal places.)
770
835
805
785
869.44✔
1,250.67
MSE
MAD
Tracking signal
Forecast 2
765
830
Answer is complete and correct.
2.7519✔ %
3.4380 %
MAD
815
830
22.50
800
806
28.40
775
810
815
805
b. Compute MAPE for each forecast. (Round your
intermediate calculations to 5 decimal places and final
answers to 4 decimal places.)
Answer is complete and correct.
c. Prepare a naive forecast for periods 2 through 11 using
the given sales data. Compute each of the following; (1)
MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s
control limits. (Negative values should be indicated by a
minus sign. Round your answers to 2 decimal places.)
> Answer is complete but not entirely correct.
72,197.22 X
105.50 X
-1.25✔

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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