Smile-A-Lot used a weighted moving average forecasting model for its nationwide demand with the following results. Use the information below: Actual Historical Demand Weighted Moving Average Forecast 65 60 60 62 63 60 1. Calculate bias. (Round to 2 decimal places) 2. Calculate MAD. (Round to 2 decimal places) 3. Calculate MAPE (Round to 3 decimal places)

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Smile-A-Lot used a weighted moving average forecasting model for its nationwide demand with the following results. Use the information below:

Actual Historical Demand Weighted Moving Average Forecast
65 60
60 62
63 60
1. Calculate bias. (Round to 2 decimal places)

2. Calculate MAD. (Round to 2 decimal places)

3. Calculate MAPE (Round to 3 decimal places)

 

Solution

In the above data set we need to first calculate the errors and absolute errors for all the periods

Where Error = Actual value – forecasted value

Absolute error = absolute value of error

So using

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