Question: Find the MAD and MSE for Method 1 (Table 1) and Method 2 (Table 2). Following are two weekly forecasts made by two different methods

Find the MAD and MSE for Method 1 (Table 1) andFind the MAD and MSE for Method 1 (Table 1) and Method 2 (Table 2).

Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, shown are actual demand levels, in thousands of gallons: Forecast Actual Forecast Actual Demand Week Method 1 Demand Week Method 2 1 0.85 0.68 0.77 0.68 2 1.08 1.00 2 1.21 1.00 3 0.95 0.96 3 0.88 0.96 4 1.17 1.04 4 1.17 1.04 The MAD for Method 1 = thousand gallons (round your response to three decimal places). - 2 1

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!