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MGMT 3207 Operations Management Problem Solution

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Question;Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows:Month Sales Forecast 1 Forecast 21 835 815 7702 850 820 8003 825 795 8204 795 810 8255 775 795 8106 835 765 7817 820 775 7808 845 820 8259 815 835 80510 820 800 840________________________________________a. Compute the MSE and MAD for each forecast. (Round your answers to 2 decimal places.)MSE MADForecast 1 Forecast 2 ________________________________________b. Compute MAPE for each forecast. (Round your intermediate calculations to 5 decimal places and final answers to 4 decimal places.)MAPE F1 %MAPE F2 %________________________________________c. Prepare a naive forecast for periods 2 through 11 using the given sales data. Compute each of the following, (1) MSE, (2) MAD, (3) tracking signal at month 10, and (4) 2s control limits. (Round your answers to 2 decimal places.)MSEMADTracking signalControl limits 0 ?

 

Paper#46284 | Written in 18-Jul-2015

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