Question: A company uses two different forecasting models to forecast future sales. t Actual Sales Forecast 1 Forecast 2 1 15 2 13 3 16 4

A company uses two different forecasting models to forecast future sales.

t Actual Sales Forecast 1 Forecast 2
1 15
2 13
3 16
4 18 15.5 14.9
5 14 13.9 14.9
6 11 14.8 15.6
7 17 15.0 13.3

[hint: You are able to measure errors only for periods where both actual and forecast values are available.]

(1) What is the MAD for Forecast 1 (two decimal places)?

(2) What is the MSE for Forecast 2 (two decimal places)?

(3) What is the MAPE for Forecast 2 (one decimal place)? % (remember to answer in terms of %)

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