Demand for a product and the forecasting department's forecast (naÏve model) for a product are shown...
Demand for a product and the forecasting department's forecast
(naÏve model) for a product are shown below. Compute the mean
absolute error.
| Period | Actual Demand | Forecasted Demand |
| 1 | 12 | - - |
| 2 | 15 | 12 |
| 3 | 14 | 15 |
| 4 | 18 | 16 |
|
|||
|
|||
|
|||
|
Homework Answers
Add Answer to:
Demand for a product and the forecasting department's forecast
(naÏve model) for a product are shown...
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled...
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Note: It doesn't matter what forecasting method was used. This problem is simply to practice with MAD and MAPE! Actual demand and the two sets of forecasts are as follows: Period PREDICTED DEMAND F2 67 60 Demand 68 F1 75 67 67 71 70 69 70 74 69 72 72 77 71 77 80 78 70 72 75 75 83 a. Compute MAD...
A new car dealer has been using a naïve forecast to forecast weekly new car sales....
A new car dealer has been using a naïve forecast to forecast weekly new car sales. Given the data below and the naïve forecast (need to provide), calculate the forecast error MSE. Period Demand Forecast Error (A-F) Error2 1 57 - - - 2 62 57 -5 25 3 58 62 +4 16 4 60 58 -2 4 5 60 60 0 0 6 56 60 +4 16
The following table shows predicted product demand using your particular forecasting method along with the actual...
The following table shows predicted product demand using your particular forecasting method along with the actual demand that occurred: FORECAST ACTUAL 1,490 1,540 1,390 1,490 1,690 1,590 1,742 1,640 1,790 1,690 a. Compute the tracking signal using the mean absolute deviation and running sum of forecast errors. (Negative values should be indicated by a minus sign. Round your "Mean Absolute Deviation", "Tracking Signal" to 2 decimal places and all other answers to the nearest whole number.) Period Forecast Actual Deviation...
In this problem, you are to test the validity of your forecasting model. Here are the...
In this problem, you are to test the validity of your forecasting model. Here are the forecasts for a model you have been using and the actual demands that occurred: WEEK mtindo FORECAST 840 870 970 970 1,020 ACTUAL 920 1,020 1,070 920 920 1,010 995 a. Use the method stated in the text to compute the MAD and tracking signal for each week. (Negative values should be indicated by a minus sign. Round your "Tracking Signal" to 1 decimal...
Exercise # 1-0M6322-week 4-Forecasting using Exponential Smoothing The first five periods of demand data are shown...
Exercise # 1-0M6322-week 4-Forecasting using Exponential Smoothing The first five periods of demand data are shown in the following table Let the smoothing coefficient, alpha, equal 0.2.Compute the exponentially smoothed forecasts for periods one through four Initialize the procedure with a forecast value for period one of 37 Period Aggregate Demand Forecast demand 38 42 40 36 42 37 Determine the Running Sum of Forecast Errors (RSFE), the Mean Absolute Deviation, MADt Land the Tracking Signal(TS) at the end of...
A manager has been using a certain technique to forecast demand for project management software at...
A manager has been using a certain technique to forecast demand for project management software at her store. Actual demand and her corresponding predictions are shown below: MonthActual Demand Manager's Forecast March4545April4250May3445June4840July3845 a. What was the manager's forecast error for each month?b. What is the mean error (ME), the mean squared error (MSE), the mean absolute deviation (MAD), and the tracking signal for these five months of forecasting?c. If the manager had used a 3-month moving average instead of her technique, what would have...
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).
Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6...
Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14 16 11 17 13 Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy: Mean absolute error (MAE) Mean squared error (MSE) Mean absolute percentage error (MAPE) Round your answers to two decimal places. MAE = MSE = MAPE = Using the average of all the historical data as a...
1. Comparing forecast models Aa Aa A statistician for the Boston Police Department developed forecasts of monthly armed robberies in Boston from June 1974 to May 1975 using two forecasting methods, m...
1. Comparing forecast models Aa Aa A statistician for the Boston Police Department developed forecasts of monthly armed robberies in Boston from June 1974 to May 1975 using two forecasting methods, model A and model B. His forecasts, absolute forecast errors, and squared forecast errors for both forecasting techniques, along with the actual time series, are displayed in the following table. The time series plot of the data is shown under the table. (Data source: Time Series Data Library.) Model...
The actual demand of a product (in units) in week 1 through week 7 were:
The actual demand of a product (in units) in week 1 through week 7 were: 164, 172, 157, 182, 145, 175, and 179. You want to develop a forecasting model using the exponential smoothing model with alpha 0.33. Assume the forecast for week 1 is 164 units. Use at least 4 decimal places in your calculation and no commas in your answer. The forecasted demand for week 3 is _______ The forecasted demand for week 5 is _______ The forecasted demand for week 8 is _______
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Note: It doesn't matter what forecasting method was used. This problem is simply to practice with MAD and MAPE! Actual demand and the two sets of forecasts are as follows: Period PREDICTED DEMAND F2 67 60 Demand 68 F1 75 67 67 71 70 69 70 74 69 72 72 77 71 77 80 78 70 72 75 75 83 a. Compute MAD...
In this problem, you are to test the validity of your forecasting model. Here are the forecasts for a model you have been using and the actual demands that occurred: WEEK mtindo FORECAST 840 870 970 970 1,020 ACTUAL 920 1,020 1,070 920 920 1,010 995 a. Use the method stated in the text to compute the MAD and tracking signal for each week. (Negative values should be indicated by a minus sign. Round your "Tracking Signal" to 1 decimal...
Exercise # 1-0M6322-week 4-Forecasting using Exponential Smoothing The first five periods of demand data are shown in the following table Let the smoothing coefficient, alpha, equal 0.2.Compute the exponentially smoothed forecasts for periods one through four Initialize the procedure with a forecast value for period one of 37 Period Aggregate Demand Forecast demand 38 42 40 36 42 37 Determine the Running Sum of Forecast Errors (RSFE), the Mean Absolute Deviation, MADt Land the Tracking Signal(TS) at the end of...
1. Comparing forecast models Aa Aa A statistician for the Boston Police Department developed forecasts of monthly armed robberies in Boston from June 1974 to May 1975 using two forecasting methods, model A and model B. His forecasts, absolute forecast errors, and squared forecast errors for both forecasting techniques, along with the actual time series, are displayed in the following table. The time series plot of the data is shown under the table. (Data source: Time Series Data Library.) Model...
Most questions answered within 3 hours.
-
please don't use the p value method instead use the "5 steps of
hypothesis testing." Or...
asked 1 minute from now -
It is said that Galileo discovered a basic principle of the
pendulum—that the period is independent...
asked 4 minutes ago -
The Cost of Equity and
Flotation Costs
Messman Manufacturing
will issue common stock to the public...
asked 11 minutes ago -
a) summarize the challenges facing New Britain today
b) identify some of its strengths
c) suggest...
asked 13 minutes ago -
**86 at 40 not 88. please show how got Tr in calculations thank
you
2) The...
asked 13 minutes ago -
McGlaun Company pays its employees every two weeks. The firm
last paid its employees on September...
asked 27 minutes ago -
You have been gifted a Mogwai as a pet and decide to do a little
online...
asked 31 minutes ago -
given the standard of 200 mg/dl and the absorbance of that
standard is 0.640. What is...
asked 34 minutes ago -
Exercise 8-51 Algo
An accounting professor is notorious for being stingy in giving
out good letter...
asked 42 minutes ago -
month
total distribution cost
level of activity (unit produced)
july
230.000
3500
august
250.000
3750
september...
asked 44 minutes ago -
A smoke detector system uses two devices, A and B. If smoke is
present, the probability...
asked 1 hour ago -
Your division head has assigned another important project to you
and your team. This project is...
asked 56 minutes ago