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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: PREDICTED DEMAND Period Demand F1 F2 1 68 61 66 2 75 72 66 3 70 73 70 4 74 70 73 5 69 75 77 6 72 67 73 7 80 72 76 8 78 75 80 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal place.) MAD F1 MAD F2 appears to be more accurate. b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) MSE F1 MSE F2 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? Either one might already be in use, familiar to users, and have past values for comparison. If are used, MSE would be natural; if are used, MAD would be more natural. d. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and and final answers to 2 decimal places.) MAPE F1 MAPE F2 appears to be more accurate.
Buckeye Manufacturing expects to generate additional revenue from its recently won government contract. Buckeye forecasts that the revenue will be $40 million in the first year, bu
What are your thoughts around quantitative vs qualitive research methods? Can you list pros and cons for each one?
Discuss how the data resource management methods of today will need to evolve as more types of data emerge. Why the role of a data steward is considered innovative? Explain.
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List and briefly discuss the five main parts of the operations planning control (OPC) system
Explains how you might use job enlargement, job rotation, and/ or job enrichment to in motivating custodians at Norman dale CC.
Exercise 2: Use of a Grid Analysis (Weighted Scoring Model) to Help Make the North American Plant Location Decision for the RX 330 This exercise illustrates how when deciding am
How has an understanding of consumer behaviour helped Groupon grow from 400 subscribers in Chicago in 2008 to 60 million subscribers in 40 countries today? What is the Groupon Prom
A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 88 percent of capacity; actual usage was 89.6 percent of c
Give some examples of how technology is creating employer/employee rights and policy issues. Then suggest some possible actions that may be needed
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