Question: following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station.

following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels in thousands of gallons:

WEEK

FORECAST Method 1

Actual Demand

1

0.95

0.70

2

1.02

0.98

3

0.95

1.00

4

1.22

1.04

WEEK

Forecast Method 2

Actual Demand

1

0.82

0.70

2

1.19

0.98

3

0.88

1.00

4

1.15

1.04

The MAD for Method 1=______thousands gallons (round your response to three decimal places)

The mean squared error (MSE) for Method 1=______thousands gallons^2(round your response to three decimal places)

The MAD for method 2=____thousands gallons (round your response to three decimal places)

The mean squared error (MSE) for Method 2=____thousands gallons^2 (round your response to three decimal places)

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