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

0.90

0.72

2

1.02

1.00

3

0.95

1.07

4

1.17

1.00

Week

Forecast Method 2

Actual

Demand

1

0.80

0.72

2

1.21

1.00

3

0.92

1.07

4

1.11

1.00

Part 2

The MAD for Method 1 =

enter your response here

thousand gallons (round your response to three decimal places).

Part 3

The mean squared error (MSE) for Method 1 =

enter your response here

thousand gallons2

(round your response to three decimal places).

Part 4

The MAD for Method 2 =

enter your response here

thousand gallons (round your response to three decimal places).

Part 5

The mean squared error (MSE) for Method 2 =

enter your response here

thousand gallons2

(round your response to three decimal places).

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