Two different techniques and independent methods of forecasting, Forecast 1 (F1) andForecast 2 (F2) based on judgement and experience have been used to forecast demandfor cases of bottled water. Actual demand and the two sets of forecasts are as shown inTable 1.Table 1: Predicted demand F1 and F2.Predicted DemandMonthDemandF1F216866662756868707270474717269727472707678071788787480Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecastappears to be more accurate? What observations can you make based on your findings?Should management have any concerns?

Answered: Image /qna-images/answer/94e99358-87bd-4140-a0ed-59168903a609.jpg

Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecast appears to be more accurate? What observations can you make based on your findings? Should management have any concerns?

Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecast appears to be more accurate? What observations can you make based on your findings? Should management have any concerns?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Q: Identify the descriptive statistics statement from the following. O a There are 40% of boys and 60%…

A: Given four statements, we have to identify the discriptive statistics statement.

Q: Define Panel Data with Two Time Periods? can it be used for comparison?

A: Panel Data with Two Time Periods: “Before and After”: Panel data can be used to control for…

Q: 2. Listed below are the number of tech-support questions successfully answered each day by Jamil and…

A: Given :

Q: Below are two data sets, one for the average retail price of gasoline in the State of California for…

A: Note: Since you have posted a question with multiple subparts, we will solve the first three…

Q: What are the measures of central locations? What do they tell us? Do they tell the full story about…

A: The average inclination is the abbreviated number that represents the average point or the normal…

Q: an attempt to develop a model of wine quality as judged by wine experts, data on alcohol content…

Q: Consider the following data sets. For each data set, decide whether the data are at the nominal…

A: Given that, consider the following data sets. For each data set, decide whether the data are at the…

Q: List three variables, and how they are measured, for which you would use the mode as the most…

A: List three variables, and how they are measured, for which you would use the mode as the most…

Q: c) Plot a side-by-side box plot, a box plot over all observations and a Q-Q plot, using a…

A: Given the waiting times for customers to receive their food for two different branches that is for…

Q: Grintield Service company's marketing director is interested in analyzing the relationship between…

Q: A boat capsized and sank in a lake. Based on an assumption of a mean weight of 138 lb, the boat was…

A: Given, A boat capsized and sank in a lake. Based on an assumption of a mean weight of 138 lb, the…

Q: Select all scenarios which demonstrate the use of a cross-sectional study. Answer Tables Keypad…

A: Introduction: It is required to identify the scenarios demonstrating the use of a cross-sectional…

Q: Explain the following statistical terms 1.secondary 2.data point 3.metric variable 4.Array

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Identify whether the information provided is qualitative or quantitative data. Mean Mean Charge per…

A: Quantitative data can be counted, measured, and expressed using numbers whereas Qualitative data is…

Q: A researcher is interested in determining whether age influences the level of depression experienced…

A: 1.The dependent variable is a variable or a characteristic of interest considered by the…

Q: Cite one significant reason why the Mode is the simplest measure of central tendency…

A: Mode is the value which is most frequently in the data. i.e. Mode is the value which has appeared…

Q: The electric energy consumed each month by a manufacturingwarehouse is imagined to be linked to the…

A: According to the given information, the electric energy consumed each month by a manufacturing…

Q: he GDP and selected indicators for the United States, years 2019 and 2020, are found below. What are…

A: Reviewing information, Given data is,

Q: Describe the four levels of data measurement, and provide examples of when each method might be…

A: Scales of measurement refer to ways in which variables/numbers are defined and categorized. Each…

Q: Determine whether the underlined value is a parameter or a statistic: A recent poll of 1500…

A: Parameter and statistic based question

Q: Given the ff data: A. Determine which set (A or B) has a more dispersed data. Explain why. B. What…

A: Data presentation is nothing but the organizing the data to make conclusion or decision based on the…

Q: Which of these does not constitute a descriptive statistic? A. 'A table of raw data in a…

A: Descriptive statistics is summarization of characteristics of the data set.

Q: 1. For each of the datasets described below, decide which measure of central tendency would be most…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: For the 2001–2002 National Basketball Association season, Philadelphia 76ers Allen Iverson was the…

Q: Which of the following is not a common data source? A. Customer Surveys B. Social Media Platforms…

A: The given information states that thethe data sources are given.A) Customer Surveys,B) Social Media…

Q: Your new store opened for business on September 1. Assuming you plan to forecast sales using a 6-…

Q: A toolset from the Uniform Crime Reporting (UCR) Program by the FBI allows the public to view…

A: Continuous quantitative: Quantitative data measured numerically. Continuous data takes all values in…

Q: None

A: a. Examine the data set:Use PROC CONTENTS to get information about the variables in the data set,…

Q: In order to determine if there was a relationship between living near power lines and a rare…

A: The objective of this question is to identify the study design to check the relationship between…

Q: The purpose of this assignment is to learn to organize and present statistical data by using…

Q: The picture for the dataset for AIDS cases below include the numbers of cases of AIDS in Australia…

A: Introduction - Box plot - A box plot is a type of chart often used in explanatory data analysis .…

Q: The accompanying data table shows the average number of viewers, in millions, for each season of a…

A: We have given average viewers data from year 2000 to 2009. We have to forcast the average no. Of…

Q: The accompanying data table shows the average number of viewers, in millions, for each season of a…

A: The data shows the average number of viewers in millions.

Q: Type C for categorical, O for ordinal, I for interval, or R for ratio. (a) Rating (b) Surface (c)…

A: We have given that the dataset, we want to find the scale of variables.

Question

Two different techniques and independent methods of forecasting, Forecast 1 (F1) and
Forecast 2 (F2) based on judgement and experience have been used to forecast demand
for cases of bottled water. Actual demand and the two sets of forecasts are as shown in
Table 1.
Table 1: Predicted demand F1 and F2.
Predicted Demand
Month
Demand
F1
F2
1
68
66
66
2
75
68
68
70
72
70
4
74
71
72
69
72
74
72
70
76
7
80
71
78
8
78
74
80
Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecast
appears to be more accurate? What observations can you make based on your findings?
Should management have any concerns?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Time Series Analyses, Forecasting Methods, and Indices$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions

The table shows the values found in the error analysis. What method of forecasting would be best to use? What is the forecasted value? MSE forecast for week 13 Time Series 1.08 14.76 3-week MA 3.04 13.67 exp smoothing 11.04 9.5
Define multiperiod forecasting. Which Method Should we Use?
The key measure of disease occurrence for assessing risk of a disease: Question 13 options: is primarily incidence data. is primarily prevalence data. could equally be both incidence and prevalence data. is neither incidence data nor prevalence data.
The following summary data relate to the adult population of a small village: Adult population Number of employed Literate adult population employed Number of literates 600 240 80 200 Determine whether literacy and employment are associated or not.
Answer the following table
15 see picture
The forecasts generated by two forecasting methods and actual sales have been collected in the Microsoft Excel Online file attached. Use the Microsoft Excel Online file attached to develop forecast accuracy and answer the following questions. 1. What is the MAD, the MSE, the MAPE, the RSFE, and the tracking signal for each forecasting method? Do not round intermediate calculations. Round your answers to two decimal places. Use the minus sign to enter negative values, if any. 2. What can be concluded about the quality of the forecasts 2? Assume that the control limit for the tracking signal is ±3. The results indicate (bias or no bias) in the forecasts 2, and that the tracking signal (is not or is) within the control limits of ±3.
State if these variables would be expected to have a positive, negative, or no association. A. Number of schools and population size. o Positive Negative No association B. Income and number of health conditions. Positive o Negative No association C. Time spent meditating and stress level. Positive o Negative No association D. Number of pets and amount of money spent on printer ink. Positive Negative o No association E. Life expectancy and death rate. Positive Negative o No association
Determine whether the underlined value is a parameter or statistics : "In 2017 national survey on teenager pregnancies, 10% of respondents aged 14 to 17 reported that they have a child before the age of 16 yrs."
A meteorologist relocated to the city of Windhoek and decided to carry out a research on theamount of rainfall a month recorded in the city in a particular year. His data contained thefollowing: 14 14 10 12 11 13 11 11 11 10 13 8 a. Use the data to calculate the Mean, Mode and Median for the set of rainy days. b. Interpret each central measure
list and describe the four scales of measurement. please provide an example for each one. which measures of central tendency apply to each scale of measurement?
TYPEWRITTEN ONLY PLEASE FOR UPVOTE. DOWNVOTE FOR HANDWRITTEN. DO NOT ANSWER IF YOU ALREADY ANSWERED THIS. I'LL DOWNVOTE.