The following data come from regression line projections: Compute the MAD and MSE. PERIOD FORECAST VALUESACTUAL VALUES141040624194233428423435440

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Business

Operations Management

PERIOD FORECAST VALUES ACTUAL VALUES 1 410 406 2 419 423 3 428 423 435 440

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

The following data come from regression line projections: Compute the MAD and MSE.

PERIOD FORECAST VALUES
ACTUAL VALUES
1
410
406
2
419
423
3
428
423
435
440

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