Question: Problem 3: Forecasting (8 points) The company you work for has been working with two different consulting companies who each provided their own demand forecast

 Problem 3: Forecasting (8 points) The company you work for has

Problem 3: Forecasting (8 points) The company you work for has been working with two different consulting companies who each provided their own demand forecast for the new product launched earlier this year. The product has been on the market for 4 weeks and below are the actual units sold compared with each consulting company's forecast. Actual Sales (units) Inland Consulting Week Seacoast Consulting Forecast (units) Forecast (units) 8,000 10,000 12,000 9,256 9,981 9,500 11,000 13,500 2 11,639 15,548 4 14,000 15,000 a) Calculate the MAPE for the Seacoast Consulting forecast. (3 points) b) Calculate the MAPE for the Inland Consulting forecast. (3 points) c) Using the MAPE values from parts a and b, which consulting company had the better forecast? (2 points)

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 Finance Questions!