Two forecasting methods were used to forecast the next 12 quarters. The forecasts and actuals for each quarter are given in the table below.Compute the Mean Absolute Percentage Error for each method (to one decimal point). Which statement is correct?ActualsMethod 1Method 2Q1576145Q2416145Q3326145Q4396145O MAPE1 is 50.7% and MAPE 2 is 21.7%, the second method is more accurateO MAPE1 is 56.4% and MAPE 2 is 15.4%, the second method is more accurateO MAPE1 is 30.7% and MAPE 2 is 19.4%, the second method is more accurateO MAPE1 is 50.9% and MAPE 2 is 63.8%, the first method is more accurate

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

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.)
Which of the following are common metrics for measuring the relative quality of different forecasting methods? OAbsolutely Mean Mean Squared Accuracy O Mean Absolute Percent Error Mean Squared Response OMean Squared Error Mean Absolute Error (a.k.a. Mean Absolute Deviation)
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Please please answer that early please
what is the main difference between casual methods and time series methods used in forecasting? explain using briefly your own words
Sales for the past 6 months at Dalworth Company are given in the following table: Month Sales July 52 August 61 September 53 October 35 November 31 December 28 What is the Mean Absolute Deviation (MAD) for August through December forecasts produced by using exponential smoothing with α = 0.4? (Note: Do not round the forecasts, and choose the closest answer.) Multiple Choice 39.64 8.75 15.28 11.94
b. Compute 2s control limits for each forecast. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) Forecast Method 1 Method 2 Control Limits
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Problem 3
Develop a forecast for the next month using a four-month moving average method. Use the Excel Functions SLOPE and INTERCEPT to write the linear regression prediction equation with Months as the independent variable and sales as the dependent variable. Use the prediction equation to estimate the number of sales in month 9.
3)The errors in a particular forecast are as follows: 3, -3, 4, 0, -2. What is the tracking signal for each period of the forecast? (use excel to show formulas )
The monthly sales for Yazici Batteries, Inc., were as follows: Jan Feb Mar Apr May Jun Jul Aug Sept Oct 21 23 17 14 11 16 16 18 Nov Dec 20 20 20 24 Month Sales This exercise contains only parts b and c b) The forecast for the next month (Jan) using the naive method=sales (round your response to a whole number). The forecast for the next period (Jan) using a 3-month moving average approach = sales (round your response to two decimal places). The forecast for the next period (Jan) using a 6-month weighted average with weights of 0.10, 0.10, 0.10, 0.20, 0.20, and 0.30, where the heaviest weights are applied to the most recent month= sales (round your response to one decimal place) Using exponential smoothing with a = 0.30 and a September forecast of 21.00, the forecast for the next period (Jan) = sales (round your response to two decimal places). Using a method of trend projection, the forecast for the next month (Jan) = sales (round your response to two decimal places). c) The method…

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