Compute the mse and mad for each forecast

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Reference no: EM131920668

Problem

Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows:

Month	Sales	Forecast 1	Forecast 2
1	835	785	780
2	835	810	795
3	825	825	850
4	835	800	835
5	790	820	805
6	840	805	791
7	800	775	790
8	850	780	850
9	815	785	810
10	785	790	855

a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.)

MSE MAD
Forecast 1
Forecast 2

b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.)

MAPE F1 %
MAPE F2 %

c. Prepare a naive forecast for periods 2 through 11 using the given sales data. Compute each of the following; (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits. (Round your answers to 2 decimal places.)

MSE
MAD
Tracking signal
Control limits 0 ±

Reference no: EM131920668

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