Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the twosets of forecasts are as follows:PREDICTED DEMANDPeriodDemandF1F216675673707047469726970736.726875780778.787484Click here for the Excel Data Filea. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2decimal places.)MAD F1MAD F2appears to be more accurate.3o5 o o 0 o677 6N LO N N677 6700

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Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: PREDICTED DEMAND Period Demand F1 F2 1 68 63 66 2 75 70 67 3 70 75 70 4 74 69 72 5 69 70 73 72 68 75 7 80 70 77 78 74 84 Click here for the Excel Data File

Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: PREDICTED DEMAND Period Demand F1 F2 1 68 63 66 2 75 70 67 3 70 75 70 4 74 69 72 5 69 70 73 72 68 75 7 80 70 77 78 74 84 Click here for the Excel Data File

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Define Forecasts and forecast errors in time series anaylsis?
A materials engineer wants to understand the relationship between the strength of plastic cases and the temperature at which the strength measurements were made. The engineer collects several samples from the manufacturer and records the following observations. Using the data below and what you have learned in Forecasting, determine the following (use four decimal places for values): 1) Which is the response variable? 2) What would be the value of the coefficient of determination between the two variables? 3) What would be the strength of the plastic if the temperature was 210? Sample Temperature Strength 1 185 5150 183 5125 187 5123 188 5140 189 5195 189 5190 192 5150 195 5155 196 5156 198 5162 193 5172 196 5196 200 5063 202 5025 HENDAWNA 10 11 13 14
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