Question: Forecasting problems. I need a tutor to help me with these questions: Question 3a: Look at the Las Vegas Solution file and look at the

Forecasting problems.

I need a tutor to help me with these questions:

Question 3a:Look at the Las Vegas Solution file and look at the Annual Plot worksheet.Then look at the Regression chart sheet.Why does looking at the monthly data cause us concern?

Explain!

Question 3b:Look at the Rankings Worksheet.The manager has reviewed 3 different Forecasting methods and calculated theMean Error (Not MAD), MSE and MAPE to evaluate the 3 different methods.Explain the value of using the Mean Error instead of the MAD!

The mean error is a way to calculate the difference between an estimate and the actual value of the quantity that you want to calculate. It is best to use the mean error due to the accuracy in the estimation, in the change. In addition, using the average error saves us time and we can optimize the process minimizes risks and expenses.

Question 3c: Based on the ME, MSE and MAPE for the 3 different forecastingmethods shown in the Rankings worksheet, which method would you recommend?Define a weakness and strength of each forecasting method, based on the ME, MSE and MAPEand total forecast of population for the year.

Question 3d: Considering your answers to Questions 3a, 3b and 3c and all the factors that have been described above, prepare the best forecast for December 2012.Show your forecast value below and explain and justify how you came up with this forecast.

Revenue Forecast for December 2012 (My forecast): _________________

Explanation and Justification of Your Method:

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