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Measured by the mean absolute deviation, which of the forecast methods (1, 2, or 3) provides the highest degree of forecast accuracy for the five weeks of data shown below?
Week Demand Method 1 Method 2 Method 3
1 24 23 26 21
2 19 25 22 20
3 27 21 23 23
4 25 30 29 22
5 31 25 32 28
And
Describe each of the five demand components in a time series (of past demand data).
And
Answer the following critical thinking exercise with at least a 150 minimum word count.
As a manager, how would you deal with the possibility that customer satisfaction does not always lead to customer retention?
Describe the difference between fit and prediction for forecasting models.
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