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Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month 1 2 3 4 8 9 10 Sales Forecast 1 771 770 790 788 798 774 794 776 Forecast Method 11 Method 2 772 770 761 774 792 794 771 769 765 777 794 791 a. Compute a tracking signal for the 10th month for each forecast using the cumulative error for months 1 to 10. Use action limits of ± 4. Is there bias present? (Do not round your intermediate calculations. Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.) Forecast 2 768 787 798 773 773 770 764 778 792 791 Tracking Signal Bias

Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month 1 2 3 4 8 9 10 Sales Forecast 1 771 770 790 788 798 774 794 776 Forecast Method 11 Method 2 772 770 761 774 792 794 771 769 765 777 794 791 a. Compute a tracking signal for the 10th month for each forecast using the cumulative error for months 1 to 10. Use action limits of ± 4. Is there bias present? (Do not round your intermediate calculations. Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.) Forecast 2 768 787 798 773 773 770 764 778 792 791 Tracking Signal Bias

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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b. Compute 2s control limits for each forecast. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) Forecast Method 1 Method 2 Control Limits
Transcribed Image Text:b. Compute 2s control limits for each forecast. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) Forecast Method 1 Method 2 Control Limits
Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month 1 2 3 4 7 10 Sales 771 790 794 776 772 770 761 774 792 794 Forecast 1 770 788 798 774 771 769 765 777 794 791 Forecast 2 768 787 798 773 773 770 764 778 792 791 a. Compute a tracking signal for the 10th month for each forecast using the cumulative error for months 1 to 10. Use action limits of ± 4. Is there bias present? (Do not round your intermediate calculations. Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.) Forecast Tracking Signal Method 1 Method 2 Bias
Transcribed Image Text:Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month 1 2 3 4 7 10 Sales 771 790 794 776 772 770 761 774 792 794 Forecast 1 770 788 798 774 771 769 765 777 794 791 Forecast 2 768 787 798 773 773 770 764 778 792 791 a. Compute a tracking signal for the 10th month for each forecast using the cumulative error for months 1 to 10. Use action limits of ± 4. Is there bias present? (Do not round your intermediate calculations. Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.) Forecast Tracking Signal Method 1 Method 2 Bias
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