Question
The management of an insurance company monitors the number of mistakes made by telephone service representatives for a company they have subcontracted with. The number
The management of an insurance company monitors the number of mistakes made by telephone service representatives for a company they have subcontracted with. The number of mistakes for the past several months appears in this table along with forecasts for mistakes.
Period Actual Forecast
1 26 25
2 31 32
3 45 42
4 50 53
5 70 64
Type your answers for the following 5 questions in the box below. Use capital letters and no spaces. Example: ABCDA
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What is the forecast error for month 4?
a. 1
b. -1
c. 3
d. -3
What is the absolute forecast error for month 4?
a. 1
b. -1
c. 3
d. -3
Using data from the above table, what is the CFE for periods 1-5 for the forecast?
a. less than or equal to 2
b. greater than 2 but less than or equal to 5
c. greater than 5 but less than or equal to 8
d. greater than 8
Using data from the above table, what is the MAD for periods 1-5 for the forecast?
a. less than or equal to 2
b. greater than 2 but less than or equal to 5
c. greater than 5 but less than or equal to 8
d. greater than 8
Using data from the above table, what is the MSE for periods 1-5 for the forecast?
a. less than 5
b. greater than or equal to 5 but less than 10
c. greater than or equal to 10 but less than 15
d. greater than or equal to 15
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