Suppose that you obtained a MAD equal to 10 when forecasting county sales. The MAD indicates:...
Suppose that you obtained a MAD equal to 10 when forecasting county sales. The MAD indicates:
A. The forecast is off by 10%
B. It is the best forecast you can get.
C. The average magnitude of past forecast errors equal to 10
D. Indicates bias in the forecast equal to 10
Homework Answers
Answer: C The average magnitude of past forecast errors equal to 10. Mean absolute deviation is the average magnitude between sales forecast and mean value.
Add Answer to:
Suppose that you obtained a MAD equal to 10 when forecasting
county sales. The MAD indicates:...
Problem 2: Forecasting (10 points) Given these sales figures over the last 6 weeks, your boss needs you to test two...
Problem 2: Forecasting (10 points) Given these sales figures over the last 6 weeks, your boss needs you to test two different forecasting methods (parts a and b below) to determine which method is best. For your measure of "best", recommend to your boss that the company should use the method with the lowest mean absolute deviation (MAD). Then use that method to provide your forecast for week 7 in part c. Week UWN Unit Sold 523 587 622 601...
Problem 2: Forecasting (10 points) Given these sales figures over the last 6 weeks, your boss...
Problem 2: Forecasting (10 points) Given these sales figures over the last 6 weeks, your boss needs you to test two different forecasting methods (parts a and b below) to determine which method is best. For your measure of "best", recommend to your boss that the company should use the method with the lowest mean absolute deviation (MAD). Then use that method to provide your forecast for week 7 in part c. Week >WN Unit Sold 523 587 622 601...
You want to compare how two forecasting methods would perform on some historical sales data. You...
You want to compare how two forecasting methods would perform on
some historical sales data. You will forecast the sales for months
4 through 19, calculate the mean absolute deviation (MAD) for both
methods, and you can claim that the one that has lower MAD
performed better, at least for the historical data.
a) The first method is known as the moving average method. The
forecast for a month will be the average sales of three previous
months. So, forecast...
Forecasting Models. This is one problem that requires the use of Excel newly created, blank Excel...
Forecasting Models.
This is one problem that requires the use of Excel newly
created, blank Excel file, with no use of copy and pasting anything
into the spreadsheet or use any kind of a template.
(a) Calculate the forecast of Jeannette's GPA for the fall
semester of her senior year using a 3-period moving average.
(b) Calculate the forecast of Jeannette's GPA for the fall
semester of her senior year using a 3-period weighted moving
average, with the weights 1,...
b-2. Using the MAD method of testing the forecasting model's performance, plus actual data from 3...
b-2. Using the MAD method of testing the forecasting model's performance, plus actual data from 3 years ago through the second quarter of this year, how well did the model perform? Based on MAD, an a performs better than an a of (Click to select) c. Using the decomp (Click to select) 0.3 0.2 hod of forecasting, forecast earnings per share for the last two quarters of this year and all four quarters of next year. (Negative values should be...
Problem II The following time series shows the sales of a clothing store over a 10-week...
Problem II The following time series shows the sales of a clothing store over a 10-week period. Week Sales ($1,000s) 15 a. Compute a 4-week moving average for the above time series. b. Compute the mean square error (MSE) and mean Absolut deviation (MAD) for the 4. week moving average forecast. c. Use a -0.3 to compute the exponential smoothing values and MSE and MAD for the time series. d. Forecast sales for week 11. e. Which model is the...
2. (20 points) The following table shows the monthly sales in a local grocery store Month and 120 115 125 119 127 114 114 120 124 116 137 10 a. Suppose that Three-weeks moving average are used to...
2. (20 points) The following table shows the monthly sales in a local grocery store Month and 120 115 125 119 127 114 114 120 124 116 137 10 a. Suppose that Three-weeks moving average are used to forecast sales. Determine the one-step-ahead forecasts for weeks 4 through 10. b. Suppose that exponential smoothing is used with a smoothing constant α-02. Find the exponential smoothing forecasts weeks 4 through 10. (To get the method started, use 120.00 as the forecast...
DO NOT ANSWER AT ALL IF YOU ARE ONLY ANSWERING 5 QUESTIONS THANK YOU True or...
DO NOT ANSWER AT ALL IF YOU ARE ONLY ANSWERING 5 QUESTIONS THANK YOU True or false Process design includes selecting the appropriate technology, sizing the process over time, determining the role of inventory in the process, and locating the process. Operations and supply chain strategy is concerned with setting broad policies and plans for using the resources of a firm and must be integrated with corporate strategy. "Social" pertains to fair and beneficial business practices toward labour, the community,...
1: Please select the right statement(s) that apply to the exponential smoothing with trend adjustment forecasting...
1: Please select the right statement(s) that apply to the exponential smoothing with trend adjustment forecasting method Select one or more: a. The exponential smoothing with trend adjustment requires the initial forecast b. The use of exponential smoothing with trend adjustment is appropriate when the underlying average of the time series is either increasing or decreasing c. α and β should be carefully selected between 0 and 1 in a way to minimize the forecasting errors d. Setting α close...
You are an operation manager at Gambas Berhad. You plan to use several forecasting methods for...
You are an operation manager at Gambas Berhad. You plan to use several forecasting methods for the purpose. The following data represent the actual monthly company sales for 2018. Month Value (RM000 32 41 53 59 46 31 27 24 10 35 54 105 Ja March ril un August ber November December (a) Calculate the Mean Absolute Deviation (MAD) and make a forecast for January 2019 sales based on the following methods: i. 4-month moving average. (5 marks) i. Weighted...
Problem 2: Forecasting (10 points) Given these sales figures over the last 6 weeks, your boss needs you to test two different forecasting methods (parts a and b below) to determine which method is best. For your measure of "best", recommend to your boss that the company should use the method with the lowest mean absolute deviation (MAD). Then use that method to provide your forecast for week 7 in part c. Week UWN Unit Sold 523 587 622 601...
Problem 2: Forecasting (10 points) Given these sales figures over the last 6 weeks, your boss needs you to test two different forecasting methods (parts a and b below) to determine which method is best. For your measure of "best", recommend to your boss that the company should use the method with the lowest mean absolute deviation (MAD). Then use that method to provide your forecast for week 7 in part c. Week >WN Unit Sold 523 587 622 601...
You want to compare how two forecasting methods would perform on
some historical sales data. You will forecast the sales for months
4 through 19, calculate the mean absolute deviation (MAD) for both
methods, and you can claim that the one that has lower MAD
performed better, at least for the historical data.
a) The first method is known as the moving average method. The
forecast for a month will be the average sales of three previous
months. So, forecast...
Forecasting Models.
This is one problem that requires the use of Excel newly
created, blank Excel file, with no use of copy and pasting anything
into the spreadsheet or use any kind of a template.
(a) Calculate the forecast of Jeannette's GPA for the fall
semester of her senior year using a 3-period moving average.
(b) Calculate the forecast of Jeannette's GPA for the fall
semester of her senior year using a 3-period weighted moving
average, with the weights 1,...
b-2. Using the MAD method of testing the forecasting model's performance, plus actual data from 3 years ago through the second quarter of this year, how well did the model perform? Based on MAD, an a performs better than an a of (Click to select) c. Using the decomp (Click to select) 0.3 0.2 hod of forecasting, forecast earnings per share for the last two quarters of this year and all four quarters of next year. (Negative values should be...
Problem II The following time series shows the sales of a clothing store over a 10-week period. Week Sales ($1,000s) 15 a. Compute a 4-week moving average for the above time series. b. Compute the mean square error (MSE) and mean Absolut deviation (MAD) for the 4. week moving average forecast. c. Use a -0.3 to compute the exponential smoothing values and MSE and MAD for the time series. d. Forecast sales for week 11. e. Which model is the...
2. (20 points) The following table shows the monthly sales in a local grocery store Month and 120 115 125 119 127 114 114 120 124 116 137 10 a. Suppose that Three-weeks moving average are used to forecast sales. Determine the one-step-ahead forecasts for weeks 4 through 10. b. Suppose that exponential smoothing is used with a smoothing constant α-02. Find the exponential smoothing forecasts weeks 4 through 10. (To get the method started, use 120.00 as the forecast...
You are an operation manager at Gambas Berhad. You plan to use several forecasting methods for the purpose. The following data represent the actual monthly company sales for 2018. Month Value (RM000 32 41 53 59 46 31 27 24 10 35 54 105 Ja March ril un August ber November December (a) Calculate the Mean Absolute Deviation (MAD) and make a forecast for January 2019 sales based on the following methods: i. 4-month moving average. (5 marks) i. Weighted...
Most questions answered within 3 hours.
-
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 2 minutes ago -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 2 hours ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago