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ICICI IVI CLASIC To Forecast Demand For Cases Of Bottled Water. Actual 11 Demand And The Two Sets Of

ICICI IVI CLASIC to forecast demand for cases of bottled water. Actual 11 demand and the two sets of forecasts are as follows: points PREDICTED DEMAND eBook Period Demand F1 F2 16860 61 2 75 65 68 Print 3 70 73 70 Refere5 6971 74 72 65 78 80 70 75 78 76 80 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 MAD (Clic# 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.) (Clic# 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 (Clich are used, MSE would be natural; if (Clict 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 MAPE (Clic# appears to be more accurate.

FORECAST 1 PERIOD DEMAND F1 DEVIATION ABS DEV ABS DEV / DEMAND * 100 DEV^2 1 68 60 68 - 60 = 8 ABS(8) = 8 (8 / 68) / 100 = 11.76 8^2 = 64 2 75 65 75 - 65 = 10 ABS(10) = 10 (10 / 75) / 100 = 13.33 1