Question: Two independent methods of forecasting based on judgment and experience

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:


a. Compute the MSE and MAD for each forecast. Does either forecast seem superior? Explain.
b. Compute MAPE for each forecast.
c. Prepare a naive forecast for periods 2 through 11 using the given sales data. Compute each of the following; (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits. How do the naive results compare with the other twoforecasts?
View Solution:


Sale on SolutionInn
Sales3
Views112
Comments
  • CreatedDecember 30, 2014
  • Files Included
Post your question
5000