Assignment:
The Forever Young Cosmetic Company used forecast model 2 to forecast demand for a different product. Eight weeks of actual data and forecast data are shown below.
|
Week
|
Demand
|
Forecast
|
|
1
|
136
|
150
|
|
2
|
151
|
160
|
|
3
|
185
|
165
|
|
4
|
144
|
150
|
|
5
|
127
|
150
|
|
6
|
183
|
160
|
|
7
|
172
|
165
|
|
8
|
158
|
160
|
a. Calculate the MAD based on these 8 weeks of data.
b. Calculate the MSE based on these 8 weeks of data.
c. Calculate the MFE based on these 8 weeks of data.
Provide complete and step by step solution for the question and show calculations and use formulas.