Question

Homework: Homework #2 Score: 0 of 4 pts Problem 22 Save 5 of 22 (17 complete)> HYV Score: 60%, 18 of 30 pt 1,4 Show Work | Question Help * Consider the following forecast results. Calculate MFE, MAD, and MAPE, using the data for the months January through June. Does the forecast model under-or overforecast? Actual Demand 1,008 972 923 1,059 1.137 991 Month Forecast January February March April May June 1,061 1,042 910 1,014 1,127 1,035 The MFE is(Enter your response rounded to one decimal place and include a minus sign if necessary)

Answer 1

Calculations

			n=6
	Columns			B	C	D
		Actual	Forecast	Error	Abs (Error)	Abs (Error)/Actual
		1008	1061	-53	53	0.052579365
		972	1042	-70	70	0.072016461
		923	910	13	13	0.014084507
		1059	1014	45	45	0.042492918
		1137	1127	10	10	0.008795075
		991	1035	-44	44	0.044399596
	Sum	6090	6189	-99	235	0.234367922
		MAD=Sum(Column C)/n
(235/6)	=	39.16667
		MAPE=(Sum(Column D)*100)/n
(0.234368*100)/6	=	3.906132
		MFE=Sum(Column B)/n
(-99/6)	=	-16.5
		Overforecasted (Since Sum of Forecast is more than sum of actual)