BADM 425 -- Problem Assignment #3

Forecasting 2  (20 pts.)

Due:  by 11:59 (CT) 09/30/13

 

 

Complete the following problem and submit the file to the appropriate D2L drop box for this assignment in the original MS Word format.  You must show me your work (computations) in this document in order to earn the credit – using Word’s equation editor, tables, or spreadsheet might be best.  Handwriting on the screen or uploading a photo of handwritten work is unacceptable.  I expect you to use the editing capabilities of MS Word to complete this problem.  You may copy and paste any work done using other software into this document.  Simply listing a couple of numbers is not acceptable --  I must be able to evaluate your responses.  Do not change the filename (425Problem3.docx) when you save or submit the file to the dropbox -- D2L will add your name to the filename when I download the files.

 

 

  A convenience store posted the following figures for gasoline sales in gallons over the past 4 days compared to its forecasted sales using two different forecast methods:

 

            DAY                ACTUAL SALES                    FORECAST 1             FORECAST 2

 

             1                                 580                                      610                             570

             2                                 620                                      620                             625

             3                                 550                                      600                             560

             4                                 610                                      590                             615

           

 

Using MAPE as the accuracy measure, which forecast is “best”.  You must show your work.

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