**Forecasting Accuracy Comparison**Forecasting method A has errors of 10, -15, 5, and 20. Forecasting method B has errors of -10, 4, 16, and -8. - The Mean Absolute Deviation (MAD) of method A is equal to [blank].- The MAD of method B is equal to [blank].Based on MAD, method [blank] is more accurate than method [blank].

Forecasting is a method of predicting the unknown. In other words, it is a step forward by looking…

Answered: Forecasting method A has errors of 10,…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week of Pints used Aug 31 360 Sep 7 370 Sep 14 412 Sep 21 383 Sep 28 371 Oct 5 371 A) The forecasted demand for the week of October 12 using a 3-week moving average = 375 B) Using the 3-week weighted moving average, with weights of 0.10, 0.35, 0.55, using 0,55 for the most recent week, the forecasted demand for the week of October 12=[__] pints (round your response to two decimal places and remember to use the weights in appropriate order- the largest weight applies to most recent period and smallest weight applies to oldest period.)
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Medium-term forecasts are used for making medium-term decisions related to planning for new products, capital expenditures, facility location or expansion, and research and development. True False
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Aarthi Medicals, a fictitious company, has been monitoringthe sales of the health drink for diabetics. As the demand for the health drink has been steadily increasing, theowner of the store, Nicole Carter, wants to develop goodforecasts for this product to determine how many casesof this drink to order every week form the manufacturer.Nicole has compiled the demand data shown in theaccompanying table for the past 12 weeks. Nicole wantsto evaluate forecasts using the exponential smoothing method using smoothing constants values of α1 = 0.2and α2 = 0.40.Week Demandin Cases1 482 523 494 355 476 537 488 469 5510 5411 5812 5713a Assuming a forecast for Week 2 of 48 cases(f2 = 48), generate forecasts for Weeks 13 usingexponential smoothing for both values of the smoothing constant (α1 = 0.20 and α2 = 0.40).b Compute the forecast error measures of MAD and MSEand determine which value of the smoothing constant provides more accurate forecasts.

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Forecasting method A has errors of 10, -15, 5 and 20. Forecasting method B has errors of -10, 4, 16 and -8. The MAD of method A is equal to The MAD for method B is equal to is more accurate than method Based on MAD, method