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1.) Aztec industries has developed a forecasting model that was used to forecast during a 10-month period . The forecasts and actual demand were as follows:
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Month Actual demand Forecast demand
1 160 170
2 150 165
3 175 157
4 200 166
5 190 183
6 220 186
7 205 203
8 210 204
9 200 207
10 220 203
Measure the accuracy of the forecast by using MAD, MAPD, and cumulative error. Does the forecast seem to be accurate?
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1.) Aztec industries has developed a forecasting model that was used to forecast during a 10-month period . The forecasts and actual demand were as follows:
Month Actual Demand Forecast Demand
1 160 170
2 150 165
3 175 157
4 200 166
5 190 183
6 220 186
7 205 203
8 210 204
9 200 207
10 220 203
Measure the accuracy of the forecast by using MAD, MAPD, and cumulative error. Does the forecast seem to be accurate?
Forecasts made using different forecasting techniques will always deviate from actual values. The difference (deviation) between forecasted and and actual values is referred to as the forecast error.
Cumulative error is the sum of the forecast errors. Thus it is the sum of all deviations (actual demand – forecatsed demands). A shortcoming of …
