my suggestion is to apply the "moving average" method of forecasting on company 1, and get the usual MAD, MSE & MAPE.
and as for the 2nd company.. due to very limited records I suggest applying the "naive" method. And also get the MAD, MSE & MAPE.
What do you think?
Hi Jameson,
yes you are right it's a time series method .. one of many forecast technique ... and my guess it's the seasonality pattern of time series.
The problem is how to apply this seasonal pattern on both companies!
Year...1st company sales ( In millions)
2010.........22
2011.........11...
because I have extra to his answer:-
P(F) x P(M) = 17/50 x 33/50 = 0.34 x 0.66 = 0.2244
P(F1|F2) = 17/50 x 16/49 = 0.34 x 0.326 = 0.111
is it correct to multiply and get these results?
Two automotive companies are trying to forecast the next year sales. They try to select the best approach and tool to make the forecast as accurate as possible. Compare between the different approaches of forecasting and advise by return the one you suggest, and mention why did not you use the...
I finally figured it out .. but I would appreciate if anyone can confirm the answers .. thanx
for Q1. P(L|F) = 10/17
for Q2. P(F) x P(M) = 17/50 x 33/50 = 0.34 x 0.66 = 0.2244
for Q3. P(F1) = 17/50 & P(F2) = 16/49
P(F1|F2) = 17/50 x 16/49 = 0.34 x 0.326 = 0.111
A tank contains 50 balls. 10 are frosted (F) and labeled (L), 23 are mild (M) and unlabeled, 7 are frosted and not labelled (N), 10 are mild and labeled.
1. A ball is randomly selected from the tank and it was frosted. What is the probability that the ball was labeled?
2. The 1st ball was...