S) The management of an insurance company monitors the number of mistakes made b
ID: 357678 • Letter: S
Question
S) The management of an insurance company monitors the number of mistakes made by telephone service representatives for a company they have subcontracted with. The number of mistakes for the past several months appears in this table along with forecasts for errors made with three dfferent forecasting techniques The column labeled Exponential was created using exponential smoothing with an alpha of 0 30. The column abeled MA is forecast using a moving average of three periods The column labeled WMA uses a 3-month weighted moving average with weighes of 0.65, 0.25, and 0.30 for the most-to least recent months. What is the CFE, MSE& MAD for months6-10 Month Mistakes ExponentialMA 72 10Explanation / Answer
Months Mistakes Exponential MA WMA 1 55 2 61 3 71 4 77 71 62 67 5 88 73 70 74 6 100 77 79 84 7 109 84 88 95 8 122 92 99 105 9 126 101 110 117 10 126 108 119 123 Error Months Exponential MA WMA 6 23 21 16 7 25 21 14 8 30 23 17 9 25 16 9 10 18 7 3 CFE 121 88 59 MAD 24.2 17.6 11.8 Error Square Months Exponential MA WMA 6 529 441 256 7 625 441 196 8 900 529 289 9 625 256 81 10 324 49 9 3003 1716 831 MSE 600.6 343.2 166.2
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