Calculate mape for each data set, Operation Management

Assignment Help:

DO 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 66 63 2 75 72 64 3 70 75 70 4 74 66 71 5 69 74 73 6 72 67 73 7 80 72 77 8 78 70 84 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. 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 are used, MSE would be natural; if are used, MAD would be more natural. 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.) MAPE F1 MAPE F2


Related Discussions:- Calculate mape for each data set

Explain change effect medical institutions, In your opinion do you think To...

In your opinion do you think Tort Reform will benefit the patients or the medical practitioners? How will this change effect medical institutions?

Explain differences create a problem for the acquiring firm, Suppose a Brit...

Suppose a British computer firm is acquiring a smaller competitor located in Frankfurt, Germany. What are two likely differences in the way these two firms carry out the decision m

Evolution of manufacturing to operation managment, Ask question #Minimum 10...

Ask question #Minimum 100 wo.evolution of manufacturing to operation managmentrds accepted#

Depict a graph illustrating the crossover, A company is considering a gear ...

A company is considering a gear assembly that it now purchases from company B. Company B charge $4 per unit with a minimum order of 3000units. Company A estimates that it will cost

Explain the ebq model, Applying the EBQ model, what batch size would you re...

Applying the EBQ model, what batch size would you recommend for this product? How long will each batch take to produce, and how many batches per year will be made? Should this mode

Implementation of the cost of quality, Question: What are different con...

Question: What are different conditions which a company has to make sure before the implementation of the Cost of Quality? Description/Definition of cost of Quality • The

Explain what is the value of the coefficient, Forecasting 1. Briefly des...

Forecasting 1. Briefly describe when qualitative versus quantitative forecasting methods would be used? 2. Linear Regression. a. Describe what linear regression is and how

Explain what are the impacts of culture on motivation, What are the impacts...

What are the impacts of culture on motivation? Are all cultures motivated by the same thing? Is there a slant in the research? Is there a theory you believe would work across cultu

Explain drum-buffer-rope, According to Elyahu Goldratt, the TOC system uses...

According to Elyahu Goldratt, the TOC system uses a scheduling approach called _____. drum-buffer-rope drum-buffer-string drum-rope-buffer drum-buffer-line

Calculate the tracking signal, Sales of music stands at Johnny Ho music sto...

Sales of music stands at Johnny Ho music store in Columbus, Ohio, over the past 10 weeks are shown in the table below. a) Forecast demand for each week, including week 10, using

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd