Question: 7. (SHOW YOUR COMPLETE WORK) Two independent forecasting methods 1 and 2 have been used each week for the past six weeks. The actual sales

7. (SHOW YOUR COMPLETE WORK) Two independent forecasting methods 1 and 2 have been used each week for the past six weeks. The actual sales and sales forecasts from these two methods are shown below. WEEK ACTUAL SALES SALES FORECASTS (number of units) (number of units) Method 1 Method 2 Six weeks ago 97 98 99 Five weeks ago 100 99- 100 Four weeks ago 100 100 Three weeks ago 101 98 Two weeks ago 102 102 100 One week ago 98 102 102 101 101 [10] Calculate the Mean Absolute Deviation (MAD) measures for forecasting methods 1 and 2. Use appropriate units/labels in your answers. Which forecasting method is better based on MAD? Calculate the Mean Squared Error (MSE) measures for forecasting methods 1 and 2. Use appropriate units/labels in your answers. Which forecasting method is better based on MSE? [10] c. Calculate the Mean Absolute Percent Error (MAPE) measures for forecasting methods 1 and 2. Use appropriate units/labels in your answers. Which forecasting method is better based on MAPE? (22)

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