Question: 4.14 Following are two weekly forecasts made by two dif- ferent methods for the number of gallons of gasoline, in thou- sands, demanded at a

4.14 Following are two weekly forecasts made by

4.14 Following are two weekly forecasts made by two dif- ferent methods for the number of gallons of gasoline, in thou- sands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons. FORECASTS METHOD 1 METHOD 2 WEEK 1 2 ACTUAL DEMAND 0.70 0.90 0.80 1.00 1.05 1.20 3 1.00 0.95 0.90 4 1.00 1.20 1.11 With MAD as the criterion, which forecasting methods is best

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

.. 4.45 Caf Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data,...

4.14 What are the MAD and MSE for each method? 15 ons a) Use exponential smoothing. first with a smooth of .6 and then with one of to ng cont through 6. 9. develop forecasts for years 2 b) Use a...

... 4.9 Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the past 12 months were as follows: PRICE PER MONTH PRICE PER CHIP CHIP MONTH $1.80 1.80 1.67 1.83...

4.14 Following are two weekly forecasts made by two dif- ferent methods for the number of gallons of gasoline, in thou- sands, demanded at a local gasoline station. Also shown are actual demand...

ROGERS LTE 10:05 PM 58% Operations Management Sust... age. c) Calculate the mean absolute percent error for the two-day mov- ing average. PX 4.9 Dell uses the CR5 chip in some of its laptop...

Following are two weekly forecasts made by two dif - ferent methods for the number of gallons of gasoline, in thou - sands, demanded at a local gasoline station. Also shown are actual demand levels,...

Following are two weekly forecasts made by two dif- ferent methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in...

please answer it fast 5 points If we use MAD as selection criteria, which method should we pick? why? We Following are two weekly forecasts made by two dif- ferent methods for the number of gallons...

Assume that Farm Fresh Produce, Inc. is a chain of farmers' market kiosks that is organized as a corporation and operates in the upper Midwestern states. During the current year, the business...

How does Muhammad Yunus face his fears in the creation of Grameen Bank? What could have gone wrong and how might Yunus have dealt with these fears? How does Muhammad Yunus demonstrate a mindset for...

On its December 3 1 , 2 0 2 4 , balance sheet, Sunland Company reported its investment in equity securities , which cost $ 6 7 0 0 0 0 , at fair value of $ 6 0 2 0 0 0 . At December 3 1 , 2 0 2 5 ,...

When older adults have difficulty with transportation and communication, or may be reluctant to request needed assistance to which they are entitled, they may be in need of: Group of answer choices...