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?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!