a) b) would have applied the Naïve Model, calculate the Naïve Forecast values for the months of Explain the calculation method for the Naïve Forecast model. If at the end of every month from January/2019 to December/2019, the Sales Manager February/2019 and all the way to January/2020. Enter those values on the table above. c) January/2020. Enter those values on the table above. Calculate the Absolute Value of Error for every forecasted month, from February/2019 to d) - Why are there months when the Absolute Value of Error is very low and months when it is much higher? Calculate the Mean Absolute Deviation (MAD), the Mean Squared Error (MSE) and the e) Mean Absolute Percent Error (MAPE) for the Naïve Forecast you created for Product X from March/2019 to January/2020 (not from February/2019 to January/2020).
a) b) would have applied the Naïve Model, calculate the Naïve Forecast values for the months of Explain the calculation method for the Naïve Forecast model. If at the end of every month from January/2019 to December/2019, the Sales Manager February/2019 and all the way to January/2020. Enter those values on the table above. c) January/2020. Enter those values on the table above. Calculate the Absolute Value of Error for every forecasted month, from February/2019 to d) - Why are there months when the Absolute Value of Error is very low and months when it is much higher? Calculate the Mean Absolute Deviation (MAD), the Mean Squared Error (MSE) and the e) Mean Absolute Percent Error (MAPE) for the Naïve Forecast you created for Product X from March/2019 to January/2020 (not from February/2019 to January/2020).
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 29P: The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building...
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