Question: LQ4. A manager wants to know whether his forecast model is accurate. Given the following set of actual sales, and demand forecast data, find the

LQ4. A manager wants to know whether his forecast
LQ4. A manager wants to know whether his forecast model is accurate. Given the following set of actual sales, and demand forecast data, find the mean absolute deviation (MAD) measure for his forecast model. (8 marks) Month 1 2 3 4 5 6 Demand Forecast 492 482 470 478 478 476 483 488 485 480 494 492

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:

Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the...

Q:

Week Four Homework Assignment - Forecasting Ajax Manufacturing is an electronic test equipment manufacturing firm that markets a certain piece of specialty test equipment. Ajax has several...

Q:

A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 B C D E F G Estimate Estimation Error Square of Error Template for Linear Regression Time...

Q:

The following table contains the past 20 weeks package data. Week Packages 1 525 2 565 3 625 4 630 5 755 6 795 7 805 8 795 9 825 10 900 11 875 12 995 13 1055 14 1185 15 1175 16 1215 17 1305 18 1385...

Q:

Task 3-Forecast Demand for the XJ-422 The XJ-422 is one of the most important products in your portfolio. In the past, the demand was simply forecasted by the Sales team without regard for previous...

Q:

Please provide step by step solutions to the questions and pleas use the formula sheet for reference. Incorrect Question 23 Original Score: 2 / 2 pts Regraded Score: 0 / 2 pts This question has been...

Q:

O 01 Units Sold Months XJ-422 Relay 1 3100 2 3670 3 4282 4 5590 5 7084 6 8386 7 9520 8 9976 9 11398 10 12586 11 13588 12 13492 13 14260 14 14428 15 15262 16 15016 17 15658 18 15508 19 16894 20 17812...

Q:

Mr . Dan Fisher is the Chief Operations Officer for Betsy Johnson Regional Medical Center, a private, non - profit [ 5 0 1 ( c ) ( 3 ) ] organization located in Dunn, North Carolina. Mr . Fisher has...

Q:

Mr . Dan Fisher is the Chief Operations Officer for Betsy Johnson Regional Medical Center, a private, non - profit [ 5 0 1 ( c ) ( 3 ) ] organization located in Dunn, North Carolina. Mr . Fisher has...

Q:

Mr . Dan Fisher is the Chief Operations Officer for Betsy Johnson Regional Medical Center, a private, non - profit [ 5 0 1 ( c ) ( 3 ) ] organization located in Dunn, North Carolina. Mr . Fisher has...

Q:

Mr . Dan Fisher is the Chief Operations Officer for Betsy Johnson Regional Medical Center, a private, non - profit [ 5 0 1 ( c ) ( 3 ) ] organization located in Dunn, North Carolina. Mr . Fisher has...

Q:

Prepare a journal entry in the space below to record a January 1, 2023, receipt of $10,000 for Common stock. Prepare a journal entry in the space below to record a January 2, 2023, purchase of...

Q:

Let's say you purchase an AAA-rated, 10% coupon, 20-year maturity, $1000 par value corporate bond today for $1085. You hold it for 5 years, re-invest the semi-annual coupons at 5% per year and sell...

Q:

Which of the following is an example of an unemployed worker? a ) Julio, a statistician who lost his job in a forecasting firm and now does consulting work part time. b ) Hannah, a high school...

Q:

What is an example of constructive feedback? provide reference