A company has used three different methods to forecast sales for the past five months. Use MAD

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A company has used three different methods to forecast sales for the past five months. Use MAD and MSE to evaluate the performance of the three methods.

a) Which forecasting method performed best? Do MAD and MSE give the same results?

Period 1 2 3 5 Actual 12 7 13 8 10 Method A 10 11 12 13 14 Method B 7 11 10 6 13 Method C 8 12 7 13 8

b) Which of these is actually the naïve method?

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Operations Management An Integrated Approach

ISBN: 9781119497387

7th Edition

Authors: R. Dan Reid, Nada R. Sanders

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Question Posted: Sep 27, 2023 03:36 AM

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A company has used three different methods to forecast sales for the past five months. Use MAD

Question:

Period 1 2 3 5 Actual 12 7 13 8 10 Method A 10 11 12 13 14 Method B 7 11 10 6 13 Method C 8 12 7 13 8

Step by Step Answer:

a Both Method A and Method B provide the best hi...View the full answer

Operations Management An Integrated Approach

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