User Account

All Pages

Which forecast appears to be more accurate

Assignment Help Operation Management
Reference no: EM13913028

Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows:

a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? Explain.
b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate?
c. In practice, either MAD or MSE would be employed to compute forecast errors. What factors might lead a manager to choose one rather than the other?
d. Compute MAPE for each data set. Which forecast appears to be more accurate?

Reference no: EM13913028

Questions Cloud

Compute the following ratios for gaines company : Using the financial statements and additional information, compute the following ratios for Gaines Company for 2013. Show all computations.
Prepare a common-size income statement : Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products common-size statement, and the second column should show the industry averages.
Long life insurance has developed a linear : Long Life Insurance has developed a linear model that it uses to determine the amount of term life insurance a family of four should have, based on the current age of the head of the household
Compute the mse and mad for each forecast : Compute the MSE and MAD for each forecast. Does either forecast seem superior? Explain Compute MAPE for each forecast.
Which forecast appears to be more accurate : Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? Explain.Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate?
Which of these two methods has the greater accuracy : An analyst must decide between two different forecasting techniques for weekly sales of roller blades: a linear trend equation and the naive approach. which of these two methods has the greater accuracy if MAD and MSE are used?
What sales would you predict for the first : What sales would you predict for the first quarter of next year? Quarter relatives are SR1 = 1.10, SR2 = .99, SR3 = .90, and SR4 =1.01.
What action might management consider based : Assuming no proactive approach on the part of management, discuss (no calculations necessary) how you would forecast sales for the first three months of the next year. What action might management consider based on your findings in part b?
Which method would you suggest using to predict : A pharmacist has been monitoring sales of a certain over the counter pain reliever. Daily sales during the last 15 days were Which method would you suggest using to predict future sales a linear trend equation or trend-adjusted exponential smoothing..

Reviews

Write a Review

Operation Management Questions & Answers

  What will you propose to theresa daley for the future

If you were Lisa Mahoney, what factors would you use to evaluate the success of the six-month trial period? Would you stick with this automated scheduling system? What will you propose to Theresa Daley for the future?

  Determine the marketing mix-global product or service

Determine the marketing mix specific to your selected global product or service and explain your choice of marketing mix. Prepare a marketing plan that addresses product modification, pricing, promotional programs, distribution channels, and e-busine..

  Discuss the ethical implications of reverse engineering

What are the ethical implications of reverse engineering.. Is it leagal, moral.. Please discuss this topic with your personal and believe system.

  Determine the number of kanbans required

The whirlpool factory in Oxford, Mississippi, makes built-in kitchen ovens. In the 1990s, this plant re-engineered its processes to become JIT/lean. One of the parts of a particular oven, Part A, is processed by two 600 ton presses (in series), and t..

  Diagram a complex system

Diagram a complex system (a series of causal loops and their interconnections) for the ecosystem of your choice (desert, rainforest, tidal marsh, etc.).

  For what range of output would you prefer site c

Which site would you prefer for a quantity of 20,000 units per year? What would be your total cost? Please provide formulas with answers for rating!

  Qualified national or international standards body

What is the certification when a qualified national or international standards body or similar certifying agency audits and certifies that a company is ISO 9000-compliant?

  Determine the mrp using the eoq lot-sizing rule

A product has the following requirement. The setup cost each time is $150, the inventory holding cost is $2.50 unit per week. There is no Begging Inventory, and there is no scheduled receipts. Assume the lead time is 0.1. Determine the MRP using the ..

  Project risks have been linked to the majority of failures

Project risks have been linked to the majority of failures; thus, the ability to identify, assess, and mitigate risks is a very desirable trait of a good project manager. What are some types of risks that could impact a project? What are some of the ..

  Develop your skills feature

This chapter's "Develop Your Skills" (page 225 of your textbook) feature gave you some tips on assessing job candidates. Based on what you read in this chapter, what are five additional tips that you would add to the list?

  Determine best mixed strategies for union and management

In a union-management negotiation, the following are the percentages of annual wage increase for various combinations of union and management strategies: Determine the best mixed strategies for the union and management respectively and the expected p..

  Question based on quantitive decision making

Daniel Tracy, owner of Martin Manufacturing, must expand by building a new factory. The search for a location for this factory has been narrowed to four sites: A, B, C and D.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd