Question: 5. The forecasts generated by three forecasting methods and actual demand for the Tor- rance Company are as follows: DEMAND MONTH 1 2 3 4

5. The forecasts generated by three forecasting

5. The forecasts generated by three forecasting methods and actual demand for the Tor- rance Company are as follows: DEMAND MONTH 1 2 3 4 5 6 269 289 294 278 268 269 FORECAST 1 275 266 290 284 270 268 FORECAST 2 268 287 292 298 274 270 FORECAST 3 280 295 290 280 270 260 Compute the MSE and MAD for each forecasting method. Which forecasting method is the best? Would your decision on which forecasting method performs better depend on which forecasting accuracy measure (MAD or MSE) is selected

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