question archive Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months

Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months

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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        800                805

2              845        790                820

3              825        790               825

4              795        805               815

5              785        815               805

6              840        790               781

7              825        795               760

8              850        785               770

9              800        820               795

10            785        825               850

 

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

 

Forecast 1      MSE_____     MAD_____

Forecast 2      MSE_____     MAD_____

 

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. 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_____

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