esProblem 3-21 (Algo)Two different forecasting techniques (F1 and F2) wereused to forecast demand for cases of bottled water. Actualdemand and the two sets of forecasts are as follows:Period Demand1234567875PREDICTED DEMANDF264627068 万 70 74 69 2 80 78343772F16266716767773122806073767979 results, which forecast appears to be more accurate?(Round your answers to 2 decimal places.)F1MSE F1MSE F2appears to be more accurate.Check my workc. In practice, either MAD or MSE would be employed tocompute forecast errors. What factors might lead amanager to choose one rather than the other?Either one might already be in use, familiar to users, and have past values for comparison. If conMAPE F1MAPE F2d. Compute MAPE for each data set. Which forecastappears to be more accurate? (Round your intermediatecalculations to 2 decimal places and and final answers to2 decimal places.)%%

Actual demand for 8 periods along with 2 different forecasts are provided below:

Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: Period 1 2 3 4 5 678 Demand 68 75 70 74 69 72 80 78 PREDICTED DEMAND F2 64 62 70 73 76 79 79 80 F1 62 66 71 67 73 67 73 77

Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: Period 1 2 3 4 5 678 Demand 68 75 70 74 69 72 80 78 PREDICTED DEMAND F2 64 62 70 73 76 79 79 80 F1 62 66 71 67 73 67 73 77

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 28P: The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present...

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Question

es
Problem 3-21 (Algo)
Two different forecasting techniques (F1 and F2) were
used to forecast demand for cases of bottled water. Actual
demand and the two sets of forecasts are as follows:
Period Demand
12345678
75
PREDICTED DEMAND
F2
64
62
70
68 万 70 74 69 2 80 78
3437
72
F1
62
66
71
67
67
77
31228060
73
76
79
79

results, which forecast appears to be more accurate?
(Round your answers to 2 decimal places.)
F1
MSE F1
MSE F2
appears to be more accurate.
Check my work
c. In practice, either MAD or MSE would be employed to
compute forecast errors. What factors might lead a
manager to choose one rather than the other?
Either one might already be in use, familiar to users, and have past values for comparison. If con
MAPE F1
MAPE F2
d. Compute MAPE for each data set. Which forecast
appears to be more accurate? (Round your intermediate
calculations to 2 decimal places and and final answers to
2 decimal places.)
%
%

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