Aztec Industries has developed a forecasting model that was used to forecast during a 10-month period. The forecasts and actual demand were as follows:
(see attached file for data)
Measure the accuracy of the forecast by using MAD, MAPD, and cumulative error. Does the forecast method appear to be accurate?
Please refer to the attachment ‘Solution.xlsx’ for the workings and solutions.
Judging by the low …
Detailed step-by-step calculations involving Moving Average Forecast and Forecast Accuracy Measures of MAD, MAPD and Cumulative Error has been shown in Excel.