Question: The forecasts generated by 2 forecasting methods and actual sales are as follows: Month Actual Forecast 1 Forecast 2 1 269 275 268 2 289

The forecasts generated by 2 forecasting methods and actual sales are as follows:

Month Actual Forecast 1 Forecast 2

1 269 275 268

2 289 266 287

3 294 290 292

4 278 284 298

5 268 270 274

6 269 268 270

7 260 261 259

8 275 271 275

Calculate the Mean Absolute Deviation (MAD) for each forecast.

  • Forecast 1
  • Forecast 2

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:

A A A AaBbCcDE AaBbCcDdE AO AA EEEEE av Normal No Spacing 10 Points 10 Points 10 Points 10 Points 10 Points What is the difference between qualitative forecasting techniques and quantitative...

Q:

4 Monthly sales for the RUOK Company for the last 6 months are as follows: Compute the sales forecast for July using the following approaches: Month Units January 18,000 February 22,000 March 16,000...

Q:

3. The forecasts generated by two forecasting methods and actual sales are as follows: Month Sales Forecast 1 Forecast 2 12 269 275 268 2 2892 266 2872 32 294 290 292 278 2842 298 50 268 270 274 6...

Q:

1. Determine the economic order quantity and the reorder point given the following... (10 pts) Annual Demand = 12,000 units Days per year considered in average daily demand = 365 Cost to place an...

Q:

Type or paste question here Q6 The forecasts generated by two forecasting methods and actual sales are as follows: MONTHS SALES FORECAST 1 FORECAST 2 1 2 tin 270 290 295 275 260 269 260 300 301 275...

Q:

Monthly sales for Stac Co for the last 6 months are as follows: Compute the sales forecast for July using the following approaches: a) 4 month simple moving average b) 4 month weighted moving average...

Q:

I need to learn it so need full work asap Calculate the Mean Absolute Deviation (MAD) of the forecast error. Answer 1.6 (Show your work not just the answer) Month Actual Forecast 1 269 275 2 289 266...

Q:

The forecasts generated by two forecasting methods and actual sales have been collected in the Microsoft Excel Online file below. Use the Microsoft Excel Online file below to develop forecast...

Q:

The forecasts generated by two forecasting methods and actual sales are as follows: MONTH SALES FORECAST 1 FORECAST 2 1 269 275 268 2 289 266 287 3 294 290 292 4 278 284 298 5 268 270 274 6 269 268...

Q:

Excel Online Structured Activity: Forecast Accuracy Comparison The forecasts generated by two forecasting methods and actual sales have been collected in the Microsoft Excel Online file below. Use...

Q:

Provide two examples of clustering in the service sector.

Q:

The cost of leasing a car is $1000 for a down payment and processing fee plus $360 per month. For how many months can you lease a car with $3680?

Q:

An agreement whereby sales are made with no formal debt contract is known as _ _ _ _ _ _ . banker's acceptance commercial draft trade acceptance open account

Q:

As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes...