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A manager has been using a certain forecasting technique to forecast demand for word processing units for the past five periods. Actual and forecasted amounts
A manager has been using a certain forecasting technique to forecast demand for word processing units for the past five periods. Actual and forecasted amounts are shown below. He had difficulties in identifying whether the used technique is better than the weighted moving average (WMA) with 0.5 being the weight with the most recent, 0.3, 0.2, Calculate the total absolute error for the WMA forecast? (Note: write the answer as a number rounded up to 2 decimal places only, e.g. 12.50, 55.83, 12.00) Period Demand Forecasted 1 90 98 85 87 91 95 92 7 95 88 2 3
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