Question: Problem 3-21 (Algo) Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two

Problem 3-21 (Algo) Two different forecasting
Problem 3-21 (Algo) Two different forecasting
Problem 3-21 (Algo) Two different forecasting
Problem 3-21 (Algo) Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: Period 1 2 Demand 68 75 90 74 69 72 BO 78 PREDICTED DEMAND 71 F2 65 62 65 65 74 70 69 71 72 76 60 74 73 75 75 82 Click here for the Excel Data File a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) es MAD F1 MAD F2 3.75 5.13 F1 appears to be more accurate b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) MSE F1 MSE F2 4.98 7.04 F1 appears to be more accurate, 188 c. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and and final answers to 2 decimal places.) MAPE F1 MAPE F2 % % appears to be more accurate

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!