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

help solve.

help solve. Four different time series models using the same data were

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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