Question
Skinovations needs to put together a Production schedule for next week and has asked its marketing team to give its forecasts for next week's sales.
Skinovations needs to put together a Production schedule for next week and has asked its marketing team to give its forecasts for next week's sales. The team has used two different forecasting methods in the past and cannot decide which method to apply. The following data represents this week's actual sales compared to both forecasting methods:
Day | Actual Sales | M1 Forecast | M2 Forecast |
---|---|---|---|
Monday | 24 | 28 | 20 |
Tuesday | 12 | 8 | 9 |
Wednesday | 13 | 12 | 11 |
Thursday | 13 | 14 | 9 |
Friday | 25 | 28 | 26 |
Saturday | 19 | 22 | 15 |
What is Method 1's MAD? (Display your answer to two decimal places.)
What is Method 2's MAD? (Display your answer to two decimal places.) What is Method 1's MAPE? (Write your answer as a percentage, and display your answer to two decimal places.) % What is Method 2's MAPE? (Write your answer as a percentage, and display your answer to two decimal places.) %
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