Question: ollowing are two weekly forecasts made by two different methods for the number of litres of gasoline, in thousands, demanded at a local gasoline station.
ollowing are two weekly forecasts made by two different methods for the number of litres of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of litres:
Forecasts
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 1.2 1.11 1
What are the MAD and MSE for each method?
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