Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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- Calculate MSE for the 4 periods for which the actual and forecasted number of customers given in the table below: Forecasted Actual Number Period Number of Error of Customers Customers 1 1,975 2,000 2 2,050 2,025 3 1,925 1,975 4 2,075 2,025 390.63 37.5 6,250 True1,562.5arrow_forwardplease answer in excel Jean’s Copiers sells and repairs photocopy machines. The manager needs weekly forecasts of service calls so that she can schedule the personnel. The manager uses α = 0.3 for exponential smoothing, and the forecast for the first week was 24 calls. The manager also uses 3 weekly moving averages technique. a) Using 3 period moving averages, forecast the number of calls for week 7. b) Using exponential smoothing, forecast the number of calls for week 7. c) Compare these two forecasting techniques using Mean Squared Errors (MSE) measure. Which one is better?arrow_forward8. Calculate (a) MAD and (b) MSE for the following forecast versus actual sales figures: Forecast 100 110 120 130 Actual 95 108 123 130 Part 2 a) MAD= __________ (round your response to one decimal place).arrow_forward
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