A firm that supplies lubricant oils to auto repair garages across Canada has kept record of...

 

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A firm that supplies lubricant oils to auto repair garages across Canada has kept record of their last 10 periods' sales and forecasts in gallons of lubricants. The sales and forecasts are provided in the following Table. Analyze the forecast accuracy of their forecasting system by finding MAD, MSE, MAPE, forecasting bias and tracking signal. Based on the tracking signal, do you suggest that the firm should adjust their forecasting method? Period Sales Forecast 1 2 3 4 5 6 7 8 9 173 10 177 180 151 168 184 176.6 174.2 176.1 178.7 160.4 165.4 198 177.7 191 191.1 SCMN 3321: Supply Chain Management 167 191 TRU Open Learning 177 175.2 3 A firm that supplies lubricant oils to auto repair garages across Canada has kept record of their last 10 periods' sales and forecasts in gallons of lubricants. The sales and forecasts are provided in the following Table. Analyze the forecast accuracy of their forecasting system by finding MAD, MSE, MAPE, forecasting bias and tracking signal. Based on the tracking signal, do you suggest that the firm should adjust their forecasting method? Period Sales Forecast 1 2 3 4 5 6 7 8 9 173 10 177 180 151 168 184 176.6 174.2 176.1 178.7 160.4 165.4 198 177.7 191 191.1 SCMN 3321: Supply Chain Management 167 191 TRU Open Learning 177 175.2 3

Answer rating: 100% (QA)

Mean Absolute Deviation MAD MAD is the average of the absolute differences between the actual sales and the forecasts It is calculated as follows MAD ... View the full answer