The following represents the actual demand and two different sets of forecasts using different methods. Compute the MAD for each forecasting method and determine the best method for this set of data. Year-Qtr Actual demand Forecast methos 1 MAD1 (A-F) Forecast Method 2 MAD2 (A-F) 2020-3 98 97 89 2020-4 108 110 106 2021-1 83 68 70 2021-2 100 101 102 2021-3 95 86 87 2021-4 90 94 92 2022-1 71 68 72 2022-2 104 105 106 2022-3 84 91 88 2022-4 80 93 91 2023-1 78 68 70 2023-2 120 118 122

Q: 2. Seasonality Index table Period Year Seasonality Index (SI) 2021-period 1 2021-period 2…

A: Since the first question is incomplete we have answered the second question with the available data…

Q: Below is a table containing data on product demand for the most recent three months along with the…

A: MAPE - is a statistical measure of how accurate a forecast system is. It measures this accuracy as a…

Q: The following tabulations are actual sales of units for six months and a starting forecast in…

A: To calculate the forecasts for the remaining five months using simple exponential smoothing with α =…

Q: Determine the forecast results for the next 12 months using one of the following methods and provide…

A:

Q: The owner of Darkest Tans Unlimited in a local mall is forecasting this month's (October's) demand…

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A: Mean Absolute Deviation (MAD) measures the accuracy of the prediction by the absolute value of each…

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Q: determine the forecasts for the first four months of 2024 (January, February, March, and April)…

A: MonthSalesJan51Feb55Mar54Apr57May50Jun68Jul66Aug59Sep67Oct69Nov75Dec77

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A: According to the trend portion  of Nora Intercept = 60 The slope of the line = 4 Also, the tread…

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A: Step 1: Identify the formula for Mean Absolute Deviation (MAD)MAD = ∑|e|/nwhere:∑|e| = total of all…

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A: Calculate the MSE

Q: c) If the forecasted demand for the week of August 31 is 350 and a=0.20, using exponential…

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Q: The owner of Darkest Tans Unlimited in a local mall is forecasting this month's (October's) demand…

A:

Q: The following are monthly actual and forecast demand levels for May through December for units of a…

A: Forecasting techniques can range from simple methods like moving averages to complex models such as…

Q: Month Jan Feb Mar Apr May Jun Sales 51 55 54 57 50 68 66 59 Jul Aug Sep Oct Nov Dec 67 69 75 77…

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A: MAD stands for mean absolute deviations  MSE stands for mean squared error.

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A: The simple moving average forecasting method considers the latest values of the actual demand of a…

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Q: Starbucks has a large, global supply chain that must efficiently supply over 17,000 stores. Although…

A: WEEK−5−4−3−2−112345678910111213Atlanta463532543433463633552820584536255541Boston59264841333534434346…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.