Data set is time series data of monthly sales

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Reference no: EM132224393

1. Assume that the data set is time series data of monthly sales. Answer questions (a) and (b) below.

(a) What is the forecast equation in the form of Y = a + bX + error ?

(b) Construct the upper and lower forecast values and show how does (Y ± error) differ from X(obs) ?

2. Assume that the data set is non-time series.

Answer questions (a) and (b) below.

(a) What is the forecast value?

(b) What is the error level under the following methods ?

(i) SD,

(ii) MAD

(iii) MAPE

(i) inventory stock to serve customers and

(ii) quality standard seeking minimal level of error

Reference no: EM132224393

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