Question: Given the data, what is the average forecast error (i.e., mean bias) if you use a 3-period weighted moving average to complete the forecast table?
Given the data, what is the average forecast error (i.e., mean bias) if you use a 3-period weighted moving average to complete the forecast table? In this case, the weights are 0.5, 0.375, and 0.125 with the highest weight being attributed to the most recent data.
| Month | Sales ($) |
| January | 3,000 |
| February | 3,400 |
| March | 3,700 |
| April | 4,100 |
| May | 4,700 |
| June | 5,700 |
| July | 6,300 |
| August | 7,200 |
| September | 6,400 |
| October | 4,600 |
| November | 4,200 |
| December | 3,900 |
Using the same data from the previous question, what is the mean absolute deviation (MAD) for the data using the 3-period weighted moving average?
Using the same data from the first question, what is the mean absolute percent error (MAPE) for the data using the 3-period moving average? For this case, enter your percentage as a whole number (e.g., 12 as opposed to 12% or 0.12)?
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