The Samuel Bridge Company wants to compare the accuracy of three methods that it has used to forecast yearly demand. Forecasts of yearly demand from 2018 through 2020 are shown below against the actual productions. Comment on their forecast accuracy by using MSE criterion. Actual Method A Method B Method C Demand forecasts forecasts forecasts Year (million) (million) (million) (million) 2018 11 8. 12 7 2019 12 10 13 2020 13 10 9. 12 Method A is the most accurate one with MSEA=9 O Method B is the most accurate one with MSEB=5 Method B is the most accurate one with MSEB=6 Method C is the most accurate one with MSEC=6 Method A is the most accurate one with MSEA=5
The Samuel Bridge Company wants to compare the accuracy of three methods that it has used to forecast yearly demand. Forecasts of yearly demand from 2018 through 2020 are shown below against the actual productions. Comment on their forecast accuracy by using MSE criterion. Actual Method A Method B Method C Demand forecasts forecasts forecasts Year (million) (million) (million) (million) 2018 11 8. 12 7 2019 12 10 13 2020 13 10 9. 12 Method A is the most accurate one with MSEA=9 O Method B is the most accurate one with MSEB=5 Method B is the most accurate one with MSEB=6 Method C is the most accurate one with MSEC=6 Method A is the most accurate one with MSEA=5
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Question
![The Samuel Bridge Company wants to compare the accuracy of three methods that it
has used to forecast yearly demand. Forecasts of yearly demand from 2018 through
2020 are shown below against the actual productions. Comment on their forecast
accuracy by using MSE criterion.
Actual
Method A
Method B
Method C
Demand
forecasts
forecasts
forecasts
Year
(million)
(million)
(million)
(million)
2018
11
12
7
2019
12
9.
10
13
2020
13
10
9.
12
Method A is the most accurate one with MSEA=9
Method B is the most accurate one with MSEB=5
Method B is the most accurate one with MSEB=6
Method C is the most accurate one with MSEC=6
Method A is the most accurate one with MSEA=5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e9f2beb-91d4-4a43-a4ac-2bdc22725bbc%2F6e99b754-bc63-4d45-8587-a1cd6b06ab46%2Fhiytmmg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Samuel Bridge Company wants to compare the accuracy of three methods that it
has used to forecast yearly demand. Forecasts of yearly demand from 2018 through
2020 are shown below against the actual productions. Comment on their forecast
accuracy by using MSE criterion.
Actual
Method A
Method B
Method C
Demand
forecasts
forecasts
forecasts
Year
(million)
(million)
(million)
(million)
2018
11
12
7
2019
12
9.
10
13
2020
13
10
9.
12
Method A is the most accurate one with MSEA=9
Method B is the most accurate one with MSEB=5
Method B is the most accurate one with MSEB=6
Method C is the most accurate one with MSEC=6
Method A is the most accurate one with MSEA=5
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