Question: QUESTION#3 (8p) Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and

QUESTION#3 (8p) Two independent methods of

QUESTION#3 (8p) Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Month Sales Forecast 1 Forecast 2 1 770 772 768 2 789 785 787 3 794 790 792 4 780 784 798 5 768 770 773 6 772 768 770 7 760 761 759 8 775 771 775 9 786 784 788 10 790 789 787 4 5 8 a. Compute the MSE and MAD for each forecast. Does either forecast seem superior? Explain. b. Compute MAPE for each forecast. c. Compute 2s control limites for each forecast. YOUR

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