Question: 1. From the data base for the company sales during the last six years were shown in the table below, so calculate the following parameters
1. From the data base for the company sales during the last six years were shown in the table below, so calculate the following parameters for forecasting the sales for next year (2021). a) The Error (difference between actual value and predicted value) for the previous (6) years according to following: i. Mean Absolute Deviation (MAD) ii. Mean Squared Error (MSE) iii. Mean Absolute Percent Error (MAPE) b) The forecast of the seventh year (2021) according to the following techniques: i. Simple Moving Average. ii. Weighted Moving Average by assuming the weights (3.0,2.5,2.0,1.5,1.0, 0.5) iii. Exponential Smoothing by assuming ( = 0.2) iv. Linear Trend 2. From the data base for the company sales during the last year, which was shown in the table below, so calculate the productivity accordingly. a) Single factor productivity for the last year for each parameter (labor, materials & overhead). b) Multifactor productivity for the last year (Factors). Period (Years) Actual (sales) Forecast (sales) 2015 1550 1670 2016 1940 2070 2017 2123 2543 2028 2400 3100 2019 2812 3320 2020 3511 4000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
