Question: Calculate the mean forecast error ( bias ) for months 7 - 1 2 of a weighted average forecast with prior months weighted . 4

Calculate the mean forecast error (bias) for months 7-12 of a weighted average forecast with prior months weighted .45,.35 and .2 respectively. What does the error tell you about this forecast?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

Forecast accuracy ( 1 1 ?points ) a . ?Calculate the mean forecast error ( bias ) ?for months 7 - 1 2 ?of a weighted average forecast with prior months weighted . 4 5 , . 3 5 ?and . 2 ?respectively....

Q:

Forecasting, your company has the the following demand data for past 12 months. IF YOU CAN LINK ME AN EXCEL FILE(PREFERRED) OR SHOW SCREENSHOT(with explanations) THAT'S GREAT, NEED TO SEE WORK FROM...

Q:

Your company has the following demand data for the past 12 months. Month Demand ($) 1 $ 17,000.00 2 $ 23,000.00 3 $ 21,000.00 4 $ 17,500.00 5 $ 32,000.00 6 $ 35,500.00 7 $ 34,000.00 8 $ 310,000.00 9...

Q:

Your company has the following demand data for the past 12 months. Month Demand ($) 1 17000 2 23000 3 21000 4 17500 5 26000 6 35500 7 34000 8 31000 9 39500 10 48000 11 44000 12 45500 1. Forecast...

Q:

Your company has the following demand data for the past 1 2 months. Month Demand ( $ ) 1 1 7 0 0 0 2 2 3 0 0 0 3 2 1 0 0 0 4 1 7 5 0 0 5 3 2 0 0 0 6 3 5 5 0 0 7 3 4 0 0 0 8 3 1 0 0 0 9 3 9 5 0 0 1 0...

Q:

Calculate the mean forecast error ( bias ) for months 7 - 1 2 of a weighted average forecast with prior months weighted . 4 5 , . 3 5 and . 2 respectively. from the below table: Month Demand ( $ ) 1...

Q:

Refer to the file below to access HW#4 instructions and associated data to conduct forecasting calculations. The file has TWO tabs, one with instructions and the other where you create the forecasts...

Q:

Penz, Inc. is a pen manufacturer specializing in colored pens. Located in Denver, CO, Penz has grown successfully over the past few years because of the addition of a new general manager, Kim K....

Q:

Penz, Inc. Penz, Inc. is a pen manufacturer specializing in colored pens. Located in Denver, CO., Penz has grown successfully over the past few years because of the addition of a new general manager,...

Q:

Penz, Inc. Penz, Inc. is a pen manufacturer specializing in colored pens. Located in Denver, CO., Penz has grown successfully over the past few years because of the addition of a new general manager,...

Q:

Explain the production system input-output model with neat sketch.

Q:

A dam with triangular cross section holds back a body of water. The dam has height h. The dam is made of concrete, which has specific gravity 3.1. What is the maximum angle, 0, for which the dam will...

Q:

41. What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new...

Q:

The busiest international trade route in the world in terms of TEU's ( twenty foot equivalents ) is: Group of answer choices North America - Europe Asia - Middle East Asia - Europe Asia - North...

Q:

=+3. You are asked to prepare for an interview in person and a virtual interview via Zoom for your dream company. What steps will you take to make sure you are as prepared as possible? Outline the...

Q:

=+ What skills and duties are similar and different across each of these roles?

Q:

=+1. In what different industries can you work in social media? What are some similarities and differences in the roles?