# Measure of Forecast Error Economics Questions Excel Task

Description

1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; }
.slider-slide > img:focus { margin: auto; }

Unformatted Attachment Preview

You must do the necessary calculations in the colored answer cells. Simply providing a number
For example, if the question asks you to take the average of the values found in cells J3, K3, and
Please note that the correct response (cell M3) includes a formula which uses cell referencing an
The use of cell referencing and appropriate excel functions are a necessary part of a correct resp
There are three parts to this problem. Be sure to scroll down so that you can see all of them.
Part 1: Fill in the pink cells with forecasts. Round off to two decimal points.
PART 1
Day 1
Day 2
Day 3
Day 4
Day 5
Day 6
Day 7
Day 8
Day 9
Day 10
Day 11
Day 12
Demand
2690.00
2700.00
2750.00
2690.00
2780.00
2530.00
2660.00
2520.00
2540.00
2600.00
2640.00
3 Period
Moving
Average
5 period
moving
average
Exponential Exponential
Smoothing Smoothing
alpha = .1
Alpha = .4
Part 2: Fill in the yellow cells with measure of forecast error. Round off to two decimal places
Period
1
2
3
4
5
6
7
8
9
10
You may find it helpful to use the orange cells for intermediate calculations. Don’t round off intermediate values in final calcul
Demand
Forecast
Error
Abs Error
Error^2 abserr/demand
10316.00
10300.00
12443.00
10565.00
11717.00
10562.00
11035.00
10755.00
12173.00
11377.75
11015.00
11842.00
11039.00
11485.00
11934.00
11315.50
11694.00
11540.25
10420.00
11420.50
Forecast
CFE
MSE
MAPE
Part 3: Answer the questions below
CFE
MSE
MAPE
(forecast errors below are based on different data than that shown above)
Forecast A Forecast B Forecast C
22
-2.2
15
11.5
14.5
12.6
177
149
-156
0.11
0.21
0.16
Question 1: Which measure of forecast error is incorrect. Identify the mistake by indicating both
the measure of forecast error and the specific forecast (A, B, or C) in the green box
Question 2: Which forecast (A, B, or C) has the largest squared errors? Identify the error type
(e.g. CFE, MAD, MSE, MAPE) and the Forecast (e.g. A, B, C) — in the green box.
Question 3: Which forecast (A, B, or C) is the least ‘biased’? Identify the error type
(e.g. CFE, MAD, MSE, MAPE) and the Forecast (e.g. A, B, C) — in the green box.
ding a number in the answer cell will not receive any credit.
ells J3, K3, and L3 and put the answer in Cell M3:
10
12
11
11
referencing and appropriate excel functions.
f a correct response in all Excel-based assignments.
all of them.
ces
Points
Points
Possible Earned
Part 1
3 pd MA
5 pd MA
ES a=.1
ES a=.4
12
12
12
12
12
12
12
12
7
7
7
7
7
7
7
7
8
8
8
100
8
8
8
100
Part 2
CFE
MSE
MAPE
Part 3
Q1
Q2
Q3
TOTAL
alues in final calculations.
above)