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Two independent forecasting methods have been used each week for the past 5 months. The actual sales and sales forecasts are as follows. Month Actual Sales (number of units) Sales Forecasts (number of units) Forecasting Method 1 Forecasting Method 2 Five months ago 130 128 127 Four months ago 134 137 132 Three months ago 131 132 130 Two months ago 133 136 135 Last month 129 127 131 a. Calculate the Mean Absolute Deviation (MAD) measures for forecasting methods 1 and 2. Which forecasting method is better based on MAD? b. Calculate the Mean Squared Error (MSE) measures for forecasting methods 1 and 2. Which forecasting method is better based on MSE? c. Calculate the Mean Absolute Percent Error (MAPE) measures for forecasting methods 1 and 2. Which forecasting method is better based on MAPE?

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Operation Management, Management Studies

Category:- Operation Management
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