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 1 234 Forecast Method 1 The MAD for Method 1 = 0.95 1.05 0.95 1.17 Actual Demand 0.68 0.98 0.96 1.00 Week 1 2 3 4 Forecast Method 2 0.77 1.19 0.90 1.11 Actual Demand 0.68 0.98 0.96 1.00 thousand gallons (round your response to three decimal places). The mean squared error (MSE) for Method 1 = thousand gallons (round your response to three decimal places). The 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).
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