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 2
1 845 815 820
2 835 835 825
3 795 820 825
4 820 830 795
5 795 785 780
6 835 785 771
7 805 810 785
8 850 780 785
9 840 805 830
10 805 815 825
a. compute the mse and mad for each forecast. (round your answers to 2 decimal places.)
mse mad
forecast 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.)
mse ?
mad ?
tracking signal ?
control limits 0 â± ?