Question
1. Your historical sales and two forecast approaches are provided in the Table below. Sales Forecast A Forecast B 275.00 295.00 295.00 325.00 293.33 295.00
1. Your historical sales and two forecast approaches are provided in the Table below.
Sales | Forecast A | Forecast B |
275.00 | 295.00 | 295.00 |
325.00 | 293.33 | 295.00 |
315.00 | 286.67 | 305.83 |
300.00 | 305.00 | 300.00 |
290.00 | 313.33 | 303.33 |
285.00 | 301.67 | 294.17 |
a. Does forecast A have any bias? If not, enter NO. If it has bias, enter underforecasting or overforecasting depending on which is true. Do not include any punctuation.
b. What is the mean absolute deviation for forecast A? Answer to two decimal places.
c. What is the mean absolute deviation for forecast B? Answer to two decimal places.
d. Which forecast is preferred given mean absolute deviations? Enter A or B and not punctuation.
e. What is the mean squared error for forecast A? Answer to two decimal places.
f. What is the mean squared error for forecast B? Answer to two decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started