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:
|
|
Part 2The MAD for Method 1 =
. 183
thousand gallons (round your response to three decimal places).Part 3The mean squared error (MSE) for Method 1 =
. 038
thousandgallons
(round your response to three decimal places).Part 4The MAD for Method 2 = _________
thousand gallons (round your response to three decimal places).
The mean squared error (MSE) for Method 2 = _______ thousand gallons (round your response to three decimal places).
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
