Your manager has come to you with the following data, showing actual demand for five periods and forecast results for two different models.
Calculate the MFE, MAD, and MAPE for these models.
|
Period
|
Actual Demand
|
Forecast Model 1
|
Forecast Model 2
|
|
8
|
259
|
359
|
494
|
|
9
|
346
|
272
|
322
|
|
10
|
426
|
324
|
306
|
|
11
|
299
|
402
|
345
|
|
12
|
442
|
370
|
394
|
1. The MFE value for the forecast Model 1 is ____ ?(Enter your response rounded to one decimal place and include a minus sign if? necessary.)
2. The MAD value for the forecast Model 1 is_____ ?(Enter your response rounded to one decimal? place.)
3. The MAPE value for the forecast Model 1 is ___%.?(Enter your response rounded to one decimal? place.)
4. The MFE value for the forecast Model 2 is ___?(Enter your response rounded to one decimal place and include a minus sign if? necessary.)
5. The MAD value for the forecast Model 2 is ____ (Enter your response rounded to one decimal? place.)
6. The MAPE value for the forecast Model 2 is ____%