The demand and forecast information for the XYZ Company over a twelve-month period has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop forecast accuracy and answer the following questions. Forecast Accuracy Measures PeriodActual DemandForecastErrorAbsolute ErrorError^2Abs. % Error11,3001,378 22,0001,676 31,8001,974 41,7002,272 52,3002,570 63,8002,868 73,2003,166 83,1003,464 93,9003,761 104,6004,059 114,2004,357 124,3004,655 Total Average RSFEMADMSEMAPE Tracking Signal 1. What can be concluded about the quality of the forecasts? Assume that the control limit for the tracking signal is ±3. The results indicate (bias or no bias) in the forecasts, and that the tracking signal (is or is not) within the control limits of ±3. 2. What is the RSFE, MAD, MSE, MAPE, and tracking signal?

Given information: Forecast Accuracy Measures Period Actual Demand Forecast Error…

Answered: The demand and forecast information for…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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Question

The demand and forecast information for the XYZ Company over a twelve-month period has been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop forecast accuracy and answer the following questions.

Forecast Accuracy Measures

Period	Actual Demand	Forecast	Error	Absolute Error	Error^2	Abs. % Error
1	1,300	1,378
2	2,000	1,676
3	1,800	1,974
4	1,700	2,272
5	2,300	2,570
6	3,800	2,868
7	3,200	3,166
8	3,100	3,464
9	3,900	3,761
10	4,600	4,059
11	4,200	4,357
12	4,300	4,655

Total

Average
			RSFE	MAD	MSE	MAPE

					Tracking Signal

1. What can be concluded about the quality of the forecasts? Assume that the control limit for the tracking signal is ±3. The results indicate (bias or no bias) in the forecasts, and that the tracking signal (is or is not) within the control limits of ±3.

2. What is the RSFE, MAD, MSE, MAPE, and tracking signal?

Expert Solution

Step 1

Given information:

Forecast Accuracy Measures
Period	Actual Demand	Forecast	Error	Absolute Error	Error²	Abs. % Error
1	1,300	1,378
2	2,000	1,676
3	1,800	1,974
4	1,700	2,272
5	2,300	2,570
6	3,800	2,868
7	3,200	3,166
8	3,100	3,464
9	3,900	3,761
10	4,600	4,059
11	4,200	4,357
12	4,300	4,655