Question: 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

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

1 840 810 810

2 830 825 820

3 820 785 790

4 855 825 840

5 755 780 800

6 845 800 816

7 785 765 780

8 845 840 785

9 790 840 815

10 815 850 785

a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.)

Forecast 1 MSE_____ MAD_____

Forecast 2 MSE____ MAD___

b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.)

MAPE F1____%

MAPE F2____%

c. A naive forecast for periods 2 through 11 using the given sales data. Compute each of the following: (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits (Round your answers to 2 decimal places.)

MSE____

MAD_____

Tracking signal____

Control limits_____

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