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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
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

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

 

 

 

  1. 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)

 
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