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 2 3 4 Forecast Method 1 0.85 1.08 0.92 1.20 Actual Demand 0.68 1.05 0.96 0.97 Week 1 2 3 Forecast Method 2 0.77 1.20 0.88 1.15 Actual Demand 0.68 1.05 0.96 0.97 The MAD for Method 1 = 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)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
