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Consider the following data. We want to monitor the forecasts. Calculate the UCL and LCL for the appropriate control chart to control magnitude of errors?
Consider the following data. We want to monitor the forecasts.
Calculate the UCL and LCL for the appropriate control chart to control magnitude of errors?
Calculate the cumulative error, MAD, and tracking signals of periods through and determine if the forecasts are biased.
Keep two decimal places in your calculations
Are forecast errors biased? YesNo
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