Sharon Johnson, sales manager for the Alvarez-Baines Company, is trying to choose between two methods for forecasting
Question:
(a) Calculate and compare MAD for these two forecasting methods.
(b) Calculate and compare MSE for these two forecasting methods.
(c) Sharon is uncomfortable with choosing between these two methods based on such limited data, but she also does not want to delay further before making her choice. She does have similar sales data for the three years prior to using these forecasting methods the past five months. How can these older data be used to further help her evaluate the two methods and choose one?
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Related Book For
Introduction to Operations Research
ISBN: 978-1259162985
10th edition
Authors: Frederick S. Hillier, Gerald J. Lieberman
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