ZuoTi.Pro
Question

SCM 301

The forecasts generated by three forecasting methods and actual demand for the Torrance Company are as follows:

Month        Demand        Forecast 1        Forecast 2      Forecast 3

1                 269                 275                   268                  280

2                 289                 266                   287                  295

3                 294                 290                   292                  290

4                 278                 284                   298                  280

5                 268                 270                   274                  270

6                 269                 268                   270                  260

Compute the MSE and MAD for each forecasting method. Which method is better? Would your decision on which forecasting method performs better depending on which forecasting accuracy measure (MAD or MSE) is selected?

business   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
SCM 301
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • NO HANDWRITTEN ANSWERS PLEASE! INCLUDE FORMULAS FOR BOTH MAD AND MSE PLEASE! The forecasts generated by...

    NO HANDWRITTEN ANSWERS PLEASE! INCLUDE FORMULAS FOR BOTH MAD AND MSE PLEASE! The forecasts generated by three forecasting methods and actual demand for the Torrance Company are as follows: Month        Demand        Forecast 1        Forecast 2      Forecast 3 1                 269                 275                   268                  280 2                 289                 266                   287                  295 3                 294                 290                   292                  290 4                 278                 284                   298                  280 5                 268                 270                   274                  270 6...

  • answer 1-3 please don't copy from previous post. good luck Problems #3, 5, 7 (P3) The...

    answer 1-3 please don't copy from previous post. good luck Problems #3, 5, 7 (P3) The owner of the Chocolate Outlet Store wants to forecast chocolate demand. Demand for the preceding four years is shown in the following table: Year Demand (Pounds) 1 68,800 2 71,000 3 75,500 4 71,200 Forecast demand for Year 5 using the following approaches: (1) a three-year moving average; (2) a three-year weighted moving average using .40 for Year 4, .20 for Year 3, and...

  • An education statistics organization reported recent average mathematics achievement scores for eighth graders in 50 regions....

    An education statistics organization reported recent average mathematics achievement scores for eighth graders in 50 regions. Complete parts a through c below. a) Find the median, the IQR, the sample mean, and the sample standard deviation of these regional averages. Region Score Region Score 270 285 277 276 270 286 291 282 281 279 274 285 283 287 284 289 279 26 290 282 272 292 294 270 282 286 293 284 274 285 290 279 278 289 275 289...

  • 263 use goal seek 264 265 create a user defined function 266 use a pivot table 267 40 -INDEX(Data...

    263 use goal seek 264 265 create a user defined function 266 use a pivot table 267 40 -INDEX(Data, MATCH ROWINDIRECT1:"&ROWS(Data))-1,coUNTIF(Data, "s"&Data),O)) 268 Write out, in several steps, what the above formula does, from beginnig to end: 269 270 271 Short Answer 272 1 IFin-0,0,SUMIFMODIROWONDIRECTC1 "&COUNT(Data))1.n)-0,Data, Explain what the above does 273 274 275 2 What is the name of the function that references data from a pivot table 276 277 278 279 280 281 282 283 284 285 286...

  • Use Solver to determine the alpha that minimizes the MAD for the exponential smoothing forecast for...

    Use Solver to determine the alpha that minimizes the MAD for the exponential smoothing forecast for the data that appear in this table. Use the actual demand of period 1 as the forecast for period 2 and then use the forecasts for periods 2 through 9 to calculate MAD. Period Demand 1 272 2 278 3 269 4 280 5 267 6 258 7 278 8 298 9 286 10 290 0.43 0.36 0.54 0.62

  • Use Solver to determine the alpha that minimizes the MSE for the exponential smoothing forecast for...

    Use Solver to determine the alpha that minimizes the MSE for the exponential smoothing forecast for the data that appear in this table. Use the actual demand of period 1 as the forecast for period 2 and then use the forecasts for periods 2 through 9 to calculate MSE. Period Demand 1 272 2 278 3 269 4 280 5 267 6 258 7 278 8 298 9 286 10 290 0.66 0.39 0.57 0.48

  • Name 1. Observations of the demand for a certain part stocked at a parts supply depot during the ...

    Name 1. Observations of the demand for a certain part stocked at a parts supply depot during the calendar year 1999 were Month Janua Demand 89 57 144 221 Februa March ril Ma June Jul August September October November December 280 223 286 212 275 188 312 Determine the forecasts for July though December of the year 1999 considering 2, 3, and 6- month moving averages Compute the MAD for the obtained forecasts. Which method gave you better results? Determine...

  • excel will be helpful too - Problem Par, Inc. Par, Inc., is a major manufacturer of...

    excel will be helpful too - Problem Par, Inc. Par, Inc., is a major manufacturer of golf equipment Management believe share could be increased with the introduction of a cut-resistant, longer-lasting golf ball. There- fore, the research group at Par has been investigating a new golf ball coating designed to resist cuts and provide a more durable ball. The tests with the coating have been promising. Chapter 10 Inference About Means and Proportions with Two Populations One of the researchers...

  • Marge N. O’Hara, a senior analyst for a large stock brokerage has been tasked to forecast...

    Marge N. O’Hara, a senior analyst for a large stock brokerage has been tasked to forecast the weekly closing stock prices for this blue-chip stock for the first four weeks of next year. You are assigned to provide technical support to Ms. O’Hara. Weekly closing stock prices for all 52 weeks of this year for this blue-chip stock are reported in units of dollars ($). Use minitab or excel 7. a. Calculate and state the value of Durbin-Watson (DW) statistic...

  • Pricilla Phashions Pricilla Phranklin opened her new clothing store, Pricilla Phashions, in downtown Dover. Pants s...

    Pricilla Phashions Pricilla Phranklin opened her new clothing store, Pricilla Phashions, in downtown Dover. Pants skirts, blouses, and shirts have fairly consistent sales, while things like shorts, sweater and outerwear are highly seasonal. On the other hand, dresses are a little harder to predict. Pricilla is hiring you to arrive at the best forecasting method for dresses. The following table contains three years of dress sales data Year 1 Year 2 Year 3 Demand Month Demand Demand 155 181 177...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT