Question: help solve. Four different time series models using the same data were used to make a prediction for next months sales. The results of different
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Four different time series models using the same data were used to make a prediction for next months sales. The results of different methods of computing forecast errors are presented in the following table. Bias MAD MSE MAPE Model 1 [1.03 3.9? 114.95 14.23 Model 2 [1.12 6.84 109.32 11.29 Model 3 -[}.1 l.23 113.49 13.94 Mode|4 [1.06 3.62 112.31 13.9? Using MAPE as the decision criteria the best model to select is Mde' 2 Using MAD as the decision criteria the best model to select is Mde' 3
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