A company has the data shown in the chart below concerning its forecast performance over the...
A company has the data shown in the chart below concerning its forecast performance over the past five time periods.
|
Period |
Actual Demand |
Forecast Demand |
Error |
Absolute Value of Error |
Absolute Percentage Error |
|
1 |
345 |
320 |
25 |
||
|
2 |
320 |
10 |
|||
|
3 |
335 |
350 |
|||
|
4 |
340 |
-30 |
|||
|
5 |
350 |
20 |
|||
Calculate the running sum of forecast error (RSFE).
Homework Answers
Forecast of period 2 = 320 - 10 = 310
Actual demand for period 4 = 340 + (-30) = 310
Actual demand for period 5 = 350 + 20 = 370.
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