1) Moving Average and Weighted Moving Average are forecasting methods where Moving Average is the simple average of past actual values and Weighted Moving Average assigns weights to past periods to calculate the forecast.
2) Forecast error can be measured using MAD, MSE, and MAPE where MAD is the mean absolute deviation between actual and forecast values, MSE is the mean squared error or average of the squares of the errors, and MAPE is the mean absolute percentage error.
3) Based on a sample dataset, the forecast errors using a 15% adjustment factor are MAD of 128.58, MSE of 25,788.71, and MAPE of 45.29% which is considered acceptable.
1) Moving Average and Weighted Moving Average are forecasting methods where Moving Average is the simple average of past actual values and Weighted Moving Average assigns weights to past periods to calculate the forecast.
2) Forecast error can be measured using MAD, MSE, and MAPE where MAD is the mean absolute deviation between actual and forecast values, MSE is the mean squared error or average of the squares of the errors, and MAPE is the mean absolute percentage error.
3) Based on a sample dataset, the forecast errors using a 15% adjustment factor are MAD of 128.58, MSE of 25,788.71, and MAPE of 45.29% which is considered acceptable.
1) Moving Average and Weighted Moving Average are forecasting methods where Moving Average is the simple average of past actual values and Weighted Moving Average assigns weights to past periods to calculate the forecast.
2) Forecast error can be measured using MAD, MSE, and MAPE where MAD is the mean absolute deviation between actual and forecast values, MSE is the mean squared error or average of the squares of the errors, and MAPE is the mean absolute percentage error.
3) Based on a sample dataset, the forecast errors using a 15% adjustment factor are MAD of 128.58, MSE of 25,788.71, and MAPE of 45.29% which is considered acceptable.