Question: Following are two weekly forecasts made by two different methods for the number of litres of gasoline, in thousands, demanded at a local gasoline station.
Following are two weekly forecasts made by two different methods for the number of litres of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of litres:
| Week | Forecasts | Actual Demand | |
| Method 1 | Method 2 | ||
| 1 | 0.90 | 0.77 | 0.70 |
| 2 | 1.02 | 1.20 | 0.98 |
| 3 | 0.97 | 0.90 | 0.96 |
| 4 | 1.20 | 1.15 | 0.97 |
What are the MAD and MSE for each method?
The MAD for Method 1=___ thousand litres (round your response to three decimal places).
The mean squared error (MSE) for Method 1 is ___ (thousand litres)^2 (round your response to three decimal places).
The MAD for Method 2 is ___ thousand litres (round your response to three decimal places).
The mean squared error (MSE) for Method 2 is ___ (thousand litres)^2 (round your response to three decimal places).
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