Question: Two independent set of forecasts based on judgment and experience have been prepared each month for tire past 10 months. The forecasts and actual demand
Two independent set of forecasts based on judgment and experience have been prepared each month for tire past 10 months. The forecasts and actual demand are as follows:
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a. Calculate tire MSE, MAD, and MAPE for each forecast. Does one forecast seem superior? Explain.
b. Do all three measures of forecast errors provide tire same conclusion (i.e., are they consist tent) in this case? Do you expect consistent results in. every case? Explain.
Month 1 2 3 4 5. 6 7 8 9 10. Demand 770 789 794 780 768 772 760 775 786 790 Forecast 1 Forecast 2 771 769 785 787 790 792 784 798 770 774 768 770 761 759 771 775 784 788 788 788
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a b Period Demand 770 789 794 780 5 768 6 772 1 2 3 ... View full answer
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