A forecaster is assessing two different models for demand. The output from each model and the actual
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Question:
A forecaster is assessing two different models for demand. The output from each model and the actual demand data appears in the table. Use MAD to compare the two models. Which model does a better job of forecasting?
Demand | Model 1 | Model 2 |
52 | 55 | 51 |
52 | 54.7 | 51.9 |
54 | 54.5 | 52.0 |
56 | 52.7 | 53.8 |
60 | 53.5 | 55.8 |
56 | 55.5 | 59.6 |
58 | 56.5 | 56.4 |
58 | 57.5 | 57.8 |
52 | 58.0 | 58.0 |
57 | 56.0 | 52.6 |
53 | 56.3 | 56.6 |
57 | 55.0 | 53.4 |
in the table. Use MAD to compare the two models. Which model does a better job of forecasting?
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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