Two different forecasting techniques

Assignment Help Operation Management

Reference no: EM132294821

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: PREDICTED DEMAND Period Demand F1 F2 1 68 62 65 2 75 65 62 3 70 75 70 4 74 70 72 5 69 74 77 6 72 70 76 7 80 74 77 8 78 71 82 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal place.) MAD F1 MAD F2 appears to be more accurate. b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) MSE F1 MSE F2 appears to be more accurate. c. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and final answers to 2 decimal places.) MAPE F1 MAPE F2

Reference no: EM132294821

Questions Cloud

Identifying team ideas and incorporating : Identifying team ideas and incorporating them with your team values and understanding effective team performance.

What is the supremacy clause : What is the “Supremacy Clause?” Why is the Supremacy Clause important?

Nokia announced a strategic partnership with microsoft : Nokia announced a strategic partnership with Microsoft, a new strategy and a new internal organization.

Market economics and competitive position matrix : Where does the Westward fit on the Market Economics and Competitive Position Matrix (see Appendix 3)?

Two different forecasting techniques : Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water.

Process of planning and controlling quality in projects : Describe the process of planning, managing, and controlling quality in projects.

Process of tracking and reviewing the project progress : Discuss the process of tracking and reviewing the project progress. How significant is the scope creep? Should we tell the sponsor to re-read the contract?

Determine linear trend line for expected freight car loading : Determine a linear trend line for expected freight car loadings.

Training assessment : Develop criteria to assist in selecting the vendor to use for the training.

User Account

All Pages