Question

Problem 22 Consider the following forecast results. Caloulate MFE, MAD, and MAPE, using the data for the months January through June. Does the forecast model under- or overforecast? Actual Forecast Month Demand January February March 968 1,091 1,089 1,063 1,054 898 1,029 1,113 June 1,013 1.100 The MFE slag (Enter your response rounded to one decimal place and include The MAD is(Enter your response rounded to one decimal place,) a minus sign if necessary)

Answer 1

Please provide rating..

MFE =sum of (Actual-Forecast)/Number of month
MAD = sum of|Actual-forecast|/Number of month
MAPE = sum of(|Actual-Forecast|/Actuals demand)/number of month
	i	ii	iii=i-ii	iv=|i-ii|	v=iv/i
Month	Actual demand	Forecast	MFE	MAD	MAPE
January	1018	1063	(45.00)	45.00	4.42%
February	968	1054	(86.00)	86.00	8.88%
March	963	898	65.00	65.00	6.75%
April	1091	1029	62.00	62.00	5.68%
May	1089	1113	(24.00)	24.00	2.20%
June	1013	1100	(87.00)	87.00	8.59%
Total			(115.00)	369.00	36.53%
Average			(19.17)	61.50	6.09%
			MFE	MAD	MAPE
MFE	(19.17)
MAD	61.50
MAPE	6.09%
The forecast model is a overforecast as MFE is negative