Compare the three forecasts using MAD

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Reference no: EM131442302

Burger Lover Restaurant forecasts weekly sales of cheeseburgers. Week Cheeseburger Sales 1 357 2 343 3 363 4 320 5 359 Based on historical observations over the past five weeks, make a forecast for the next period using the following methods: simple average, three-period moving average, and exponential smoothing with α = 0.3, given a forecast of 322 cheeseburgers for the fifth week. Round your answers to 2 decimal places, the tolerance is +/-0.01. Simple average: F6 = 3-Period moving average: F6 = Exponential smoothing: F6 = If actual sales for week 6 turn out to be 367, compare the three forecasts using MAD. Which method performed best? (Calculate your answers using the error only in period 6.) MAD (simple average) = MAD (3-period moving average) = MAD (exponential smoothing) = provides the lowest MAD.

Reference no: EM131442302

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