Question
Complete the following and upload either a photo of your work or an Excel spreadsheet. Our school's cafeteria had the following amount of sales last
Complete the following and upload either a photo of your work or an Excel spreadsheet.
Our school's cafeteria had the following amount of sales last year:
Month | Actual Sales ($) |
January | 3,000 |
February | 8,000 |
March | 3,700 |
April | 4,100 |
May | 4,700 |
June | 5,700 |
July | 6,300 |
August | 7,200 |
September | 8,000 |
October | 4,600 |
November | 7,000 |
December | 8,000 |
a. Use a 3-month moving average to forecast the sales for the months May through December. b. Use a 4-month moving average to forecast the sales for the months May through December. c. Compare the performance of the two methods by using the mean absolute deviation as the performance criterion. Which method would you recommend? d. Compare the performance of the two methods by using the mean absolute percent error as the performance criterion. Which method would you recommend? e. Compare the performance of the two methods by using the mean squared error as the performance criterion. Which method would you recommend?
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