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. What is the MAD for each method? Provide your answer with 3 decimal points.
Method 1:
Method 2:
| Forecast |
| |
Week | Method 1 | Method 2 | Actual Demand |
1 | 0.9 | 0.8 | 0.7 |
2 | 1.05 | 1.2 | 1 |
3 | 0.95 | 0.9 | 1 |
4 | 1.20 | 1.11 | 1 |
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