Question: 3 . Given the following table, calculate the Mean Absolute Deviation ( MAD ) , Mean Squared Error ( MSE ) and Mean Absolute Percentage

3. Given the following table, calculate the Mean Absolute Deviation (MAD), Mean
Squared Error (MSE) and Mean Absolute Percentage Error (MAPE)
Institutional Sectors
GDP 2022
(Actual)
Oil Sector
15.31
Forecast
method 1
Forecast
method 2
Non-Oil Sector
16.2
5.29
15.23
Government Sector
6.37
4.44
6.05
Private Sector
5.82
5.62
4.85
Gross Value Added
6.55
9.16
6.22
Net Taxes on Products
10.12-3.84
9.82
Gross Domestic Product -3.05-2.74
8.68
10.14
3.1 Which one method has the largest deviation (error)?
3.2 Which one method has the best fit?

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