please help find Question 1: BIAS and also the question 3 explanation. Anyy help is appreciated Thanks

Lab: This is an example of Exponential Smoothing with Trend Adjustment. The goal is to compute an exponentially smoothed average to adjust inventory (+/-) to account for lags. Refer to page 172 in your book. Note: there is one formula for Forecast and another formula for trend. Home Depot Demand for Lighting Fixtures Use an alpha of 0.5 and a beta of 0.9 Please use a fixed value for month one: the trend calculation for alpha and beta are applied in month 2. 1. Smooth forecast use = 1, for month 1 2. Smoothing forecast with trend=2, for month 1 Smoothed Forecast Ft 11 Smoothed Trend, Tt 2 IMPUT THIS DATA INTO YOUR EXCEL SHEET 15 14 913 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 17 12 21 18 11 1. What is the Bias? 2. What is the MAD? 3. What is the MSE? Do you want to minimize or maximize the MSE? Why? 4. What is the MAPE? 15 14 19 25 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 17 12 21 18 11 Alpha (a) Beta (B) 0.5 0.9 Error AA(t-1)+(1-a)(Ft-1+Tt-1) Exp Smoothed Forecast (Ft) 15 FE Abs error % error Forecast including trend 15 sq error 15 1 Month January February March April | May Actual Sales In '000s 15 14 19 25 17 12 21 B(Ft-Ft-1)+(1-B)Tt-1 Exp Smoothed trend (Tt) 0 0 -0.45 1.78 4.79 0.54 -4.08 -0.5 0.16 14.5 16.53 21.65 21.72 17.13 17.03 17.26 15 14.05 18.3 26.44 22.26 13.06 16.53 17.43 -1 4.95 6.7 -9.44 - - 10.26 7.94 1 4.95 6.7 9.44 10.26 7.94 7.14% 26.05% 26.79% 55.54% 85.53% 37.83% 8.19% 58.41% June 24.5 44.86 89.16 105.34 63.12 2.17 41.28 July August September 1.47 18 11 1.47 -6.43 6.43 1 2 BIAS MAD MSE 4 6.02 46.43 37.62% 3 MAPE