Question: Acompany has calculated two different forecasts for revenue for the next 5 months. Below is historical data showing actual revenue, Forecast 1, and Forecast 2

Acompany has calculated two different forecasts

Acompany has calculated two different forecasts for revenue for the next 5 months. Below is historical data showing actual revenue, Forecast 1, and Forecast 2 for each month. Parta Absolute Forecast Error (Forecast 1) Possible points Part b Absolute Forecast Error (Forecast 2) Possible points Month February March April May June Actual Revenue ($) Forecast 1 Forecast 2 70000 65000 65000 68500 65500 66500 64800 65800 67100 71700 65700 66410 71300 66300 67997 1 1 1 1 1 1 1 1 1 1 Partc Part d Possible points Possible points MAD (Forecast 1) MAD (Forecast 2) 5 5 Part a Calculate the absolute forecast error for Forecast 1 for each month in the appropriate blue shaded cells. Part b Calculate the absolute forecast error for Forecast 2 for each month in the appropriate blue shaded cells. . Part Calculate the mean absolute deviation (MAD) for Forecast 1 in the appropriate blue shaded cell. Part d Calculate the mean absolute deviation (MAD) for Forecast 2 in the appropriate blue shaded cell Parte Which forecast is more accurate based on the MAD calculations. Type Forecast 1 or Forecast 2 in the blue shaded cell. posible polne Possible points 5

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