Description
Part A: Calculate the following for the two forecasts:
The MSE for both forecasts. • The MAD for both forecasts. • The MAPE for both forecasts.
Part B: Conduct the following forecasts for periods 2 through 12 as possible:
Naïve
• 4-period Moving Average
• 3-period Weighted Moving Average where the most recent weight is 0.6 and 2nd most recent is 0.3.
• Exponential Smoothing (alpha=0.3)
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Explanation & Answer
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Period
1
2
3
4
5
6
7
8
9
10
Dataset
Forecast 1
805
815
845
800
780
770
765
785
795
850
Forecast 2
805
800
800
835
810
801
780
835
830
855
Forecast 1
MSE
1,390.00
MAD
30.00
MAPE
3.77%
Forecast 2
536.10
19.90
2.46%
Sales
840
830...