James and Maddie work for Statesboro Toolworks. Their boss Jenny tells them that she will promote the person who has the best possible forecast for the firm's DG5-S electric tool. Jenny emailed them the demanddata from 10 days worth of sales and then asked each to create a forecast for the next 10 days. The table below shows (1) Actual Demand data (2nd Column), James forecast (3rd column), and Maddie's forecast (4thcolumn). Calculate which of the two has the more accurate forecast. Who gets the promotion? The combatant's forecasts and the actual egg production are shown in the table. Which forecaster was more accurate andshould be hired as a result of his performance on this trial?Day 1Day 2Day 3Day 4Day 5Day 6Day 7Day 8Day 9Day 10Forecast Forecast(James) (Maddie)102102107106 105113115 113109118124119142136130154 148142166 160154181 174167198190182206 202195ActualFinal solution:The person who gets the promotion will be:What is Maddie's MAPE?What is James' MAD and CFE?

MAD is the average of absolute forecasting error values. CFE is the cumulative vaue of error values.…

Answered: James and Maddie work for Statesboro…

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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Through the analysis of a customer base's buying behavior, a company might see that this customer base has not been buying a lot of products recently. After scanning through this data, the company might think to market to this subset of consumers differently, in order to best communicate how this company's products might benefit this group specifically. What type of CRM is described? O a. Operational CRM O b. Analytical CRM O c. Strategic CRM d. Collaborative CRM
4 .Substitute for Problem # 4 on in attachment)-Calculate the MAD,revised MAD and the Revised Forecast for months 1-6 for the following three groups,where the Forecast stands for Forecast Demand.Has your forecast improved ? Tell me how would you go about improving the revised forecast( for each of the three groups)without actually doing so? Estate Planning Group Auditing and Accounting Group Business Consulting Group Month Actual Demand Forecast Actual Demand Forecast Actual Demand Forecast 1 100 125 270 230 140 135 2 90 125 240 230 130 135 3 110 125 280 230 160 135 4 115 125 260 230 180 135 5 130 125 300 230 200 135 6 115 125 220 230 190 135
Below is the actual demand for electrical boxes for Abco Electric for the last nine periods along with a forecast. A) Complete the Mean Absolute Deviation for this forecast. B) Complete an additional forecast for periods 4-12 using a weighted moving average of your choice. Change the title to describe your method. C) Calculate the MAD for your forecast. D) In the text box below put your comment comparing the accuracy of your forecast versus the one given in A. Was your method more accurate? Why or why not? Use whole numbers for all forecasts. Use ONE decimal place for the MAD calculations. Period Demand Naïve Method Error (e) MAD Your Title here Your MAD 1 855 Abs e Abs e 2 910 3 930 4 890 930 5 935 890 6 980 935 7 1020 980 8 960 1020 9 905 960 10 895 905 11 955 895 12 820 955 MAD D. Your comment on Forecast Accuracy:
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You have a data set that includes time period and past sales data, and you want to use a time series forecasting technique. Which of the following forecasting methodologies is considered a time series forecasting technique? a.Group of answer choices b.Delphi method c.Simple movement smoothing d.Weighted moving average e.Simulation f.Exponential averaging
4. What is the difference between trend and seasonality in time series data? 5. Here are the errors associated with a particular forecast over the past 5 months, in chronological order: 5, 10, -15, 0, 8. In which month was the forecast perfectly accurate? In which month was the forecast the least accurate? In which month or months was the forecast too high? (Noteshaper Ramp Up # 23) 6. Tutoring Center needs to allocate tutors this week for office appointments, so it needs to forecast the number of students who will seek appointments. The director has gathered the following time series data recently: Time Period Code Student Appointments Jan 6 - 10 95 Jan 13 - 17 80 Jan 20 - 24 65 Jan 27 – 31 4 50 a) What is the naïve forecast for the number of student appointments for Time Period 5 (Feb 3– 7)? b) What is the 2 week moving average for Time Period 5? c) What is the 3 week moving average for Time Period 5? d) What is the forecast for Time Period 5 using exponential smoothing with alpha =…
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Forecasting time horizons include:a) long range. b) medium range.c) short range. d) all of the choices.

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