Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of…..

The table below shows the results of two methods (Forecast 1 and Forecast 2) of forecasting for frozen prepared dinners, as well as the demand for the eight periods. PREDICTED DEMAND F2 64 62 70 73 76 79 79 80 F1 62 Period Demand 68 75 70 74 69 72 80 78 2 71 67 73 67 73 4 5 7 a. Compare the accuracy of Forecast 1 and Forecast 2 by calculating the Mean Absolute Deviation for each one. Which is more accurate? (Round your answers to 2 decimal places) MAD F1 MAD F2 5 4.37 F2 ▼ appears to be more accurat

Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of..... 1

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Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of..... 2

The table below shows the results of two methods (Forecast 1 and Forecast 2) of forecasting for frozen prepared dinners, as well as the demand for the eight periods. PREDICTED DEMAND F2 64 62 70 73 76 79 79 80 F1 62 Period Demand 68 75 70 74 69 72 80 78 2 71 67 73 67 73 4 5 7 a. Compare the accuracy of Forecast 1 and Forecast 2 by calculating the Mean Absolute Deviation for each one. Which is more accurate? (Round your answers to 2 decimal places) MAD F1 MAD F2 5 4.37 F2 ▼ appears to be more accurat

Expert Answer

Answer

MAD= (1/n)sum left | Actual-Forecast right |

MSE=(1/(n-1))sum (Actual-Forecast)^{2}

MAPE = (1/n)*100*sum left | Actual-Forecast right |/Actual

Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of..... 3

Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of..... 4

Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of..... 5

Question & Answer: The table below shows the results of two methods (Forecast 1 and Forecast 2) of..... 6

a) MAD F1 = 5.00

MAD F2 = 4.38

Forecast 2 is more accurate is the error MAD is less when compare with F1

b) MSE F1 = 36.86

MSE F2 = 41.29

Forecast 1 is more accurate is the error MSE is less when compare with F2

Either one might already be in use, familiar to users, and have past values for comparison. If control charts are used, MSE would be natural; if tracking signals are used, MAD would be more natural

d)

MAPE F1 = 6.81%

MAPE F2 =6.03%

MAPE F2 to be more accurate

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