The forecasts generated by two forecasting methods and actual sales have been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop forecast accuracy and answer the following question.  Forecast Accuracy Measures           Forecast 1           Period Sales Forecast Error Absolute Error Error^2 Abs. % Error 1 271 276       2 285 263       3 290 286       4 276 288       5 266 269       6 268 267       7 265 261       8 270 268                   Total                       Average                 RSFE MAD MSE MAPE                     Tracking Signal   1. What is the MAD, the MSE, the MAPE, the RSFE, and the tracking signal for each forecasting method? Do not round intermediate calculations. Round your answers to two decimal places. Use the minus sign to enter negative values, if any. 2. What can be concluded about the quality of the forecasts 1? Assume that the control limit for the tracking signal is ±3. The results indicate (bias or no bias) in the forecasts 1, and that the tracking signal (is not or is) within the control limits of ±3

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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.