Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales of quilt covers at Bud Banis's discount department store in Carbondale over the past year are shown below Management prepared a forecast using

image text in transcribed

Sales of quilt covers at Bud Banis's discount department store in Carbondale over the past year are shown below Management prepared a forecast using a combination of exponential smoothing and judgment for the 4 months (March, April, May and June): Month Unit Sales JJ Aug Sep 102 93 95 110 126 119 Nov Dec Management's Forecast - Jan Feb Ma Apr May Jun 90 84 101 98 10 112 122 114 108 112 a) MAPE for the forecast developed by the management's technique -% (round your response to two decimal places). b) Using the Naive Method, the forecast for period March through June is (round your response to two decimal places) Month Unit Sales Naive Forecast Jul Aug Sep Oct Nov 102 93 96 110 126 Dec Jan Fab 119 90 84 Mar 101 98 Apr May Jun 90 112 - MAPE for the forecast developed by the naive approach % (round your response to two decimal places). c) When comparing MAPE for the two approaches, the better forecast is achieved using the -

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

14th Global Edition

978-0273753872, 0273753878

More Books

Students also viewed these Accounting questions

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

Use backflush costing

Answered: 1 week ago