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: Period 1 2 345678 Demand 68 75 70 74 69 72 80 78 PREDICTED DEMAND F2 64 62 70 F1 62 66 71 67 73 67 73 77 73 76 79 79 80

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: Period 1 2 345678 Demand 68 75 70 74 69 72 80 78 PREDICTED DEMAND F2 64 62 70 F1 62 66 71 67 73 67 73 77 73 76 79 79 80

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 28P: The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present...

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Question

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 ? % F1 or F2 or none appears to be more accurate. 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. ? %

Problem 3-21 (Algo)
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:
Period
1
2
2345678
Demand
68
75
70
74
69
72
80
78
PREDICTED DEMAND
F2
64
62
70
73
76
79
79
80
F1
62
66
71
67
73
67
73
77
Click here for the Excel Data File

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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