Question
PART A The following table shows quarterly sales (in thousand units) for a product over 5 years. The overall sales average for the entire 5
PART A The following table shows quarterly sales (in thousand units) for a product over 5 years. The overall sales average for the entire 5 years is 91.15 (thousand units). Fill in the missing values assuming there is no trend. Round seasonal indexes to 4 decimal places. Report Averages accurate to at most 2 decimal places. Report Actual sales ('000) accurate to the nearest integer.
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Average | Seasonal Index | |
---|---|---|---|---|---|---|---|
Quarter 1 | 72 | 69 | 67 | 69 | 64 | 68.2 | 0.7482 |
Quarter 2 | 146 | 136 | 147 | 140 | 144 | 142.60 | 1.5645 |
Quarter 3 | 66 | 75 | 69 | 76 | 71 | 71.4 | 0.7833 |
Quarter 4 | 86 | 84 | 83 | 81 | 78 | 82.4 | 0.904 |
PART B Suppose actual quarterly sales (in thousands) for Year 6 are 88, 161, 87, and 92 respectively. Assuming there is no trend, forecast sales for the four quarters of Year 6. Use seasonal indexes (rounded to 4 decimal places) from Part A. Report forecast answers as integers accurate to the nearest thousand. Quarter 1 forecast = thousand Quarter 2 forecast = thousand Quarter 3 forecast = thousand Quarter 4 forecast = thousand Calculate the mean absolute percent error (MAPE) for the four forecasts. Use the integer forecast values you reported above. Report MAPE as percent accurate to 2 decimal places. Do not round intermediate values. MAPE = %
I want to know the answer to PartB and how to calculate it. Quarter 1 Forecast =65 and Quarter 2 Forecast =251 are both incorrect.
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