Find three months weighted moving averages by assuming the weights, W1 =1, W2 = 0.4 and W3 = 0.5 ii. Compute the mean forecast error iii. Compute the mean square error (MSE) iv. Compute the mean absolute deviation (MAD). v. Mean absolute percent error (MAPE)
Find three months weighted moving averages by assuming the weights, W1 =1, W2 = 0.4 and W3 = 0.5 ii. Compute the mean forecast error iii. Compute the mean square error (MSE) iv. Compute the mean absolute deviation (MAD). v. Mean absolute percent error (MAPE)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.7: Exponential Smoothing Models
Problem 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...
Related questions
Question
The actual demand of a product for six months are summarized in the table below:
Month (t) |
Demand Dt |
|
|
1 |
80 |
2 |
90 |
3 |
70 |
4 |
100 |
5 |
70 |
6 |
90 |
|
|
- Find three months weighted moving averages by assuming the weights, W1 =1, W2 = 0.4 and W3 = 0.5
|
|
|
ii. |
Compute the mean |
|
iii. |
Compute the mean square error (MSE) |
|
iv. |
Compute the mean absolute deviation (MAD). |
|
v. |
Mean absolute percent error (MAPE) |
|
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