Question: PLEASE ANSWER THE FOLLOWING QUESTIONS. YOU MUST SHOW YOUR COMPLETE CALCULATIONS FOR FULL CREDIT. 1. (SHOW YOUR COMPLETE WORK) Two independent forecasting methods 1 and

PLEASE ANSWER THE FOLLOWING QUESTIONS. YOU MUST

PLEASE ANSWER THE FOLLOWING QUESTIONS. YOU MUST SHOW YOUR COMPLETE CALCULATIONS FOR FULL CREDIT. 1. (SHOW YOUR COMPLETE WORK) Two independent forecasting methods 1 and 2 have been used each month for the past nine months. The actual demand and demand forecasts from these two methods are shown below. ACTUAL DEMAND DEMAND FORECASTS (in units) MONTH (in units) Method 1 Method 2 Nine months ago 304 305 302 Eight months ago 301 300 300 Seven months ago 303 300 303 Six months ago 298 299 300 Five months ago 300 300 301 Four months ago 301 302 301 Three months ago 297 299 296 Two months ago 295 294 297 One month ago 299 300 297 a. Calculate the Mean Absolute Deviation (MAD) measures for forecasting methods 1 and 2. Which forecasting method is better based on MAD? [13 points) b. Calculate the Mean Squared Error (MSE) measures for forecasting methods 1 and 2. Which forecasting method is better based on MSE? [13 points] c. Calculate the Mean Absolute Percent Error (MAPE) measures for forecasting methods 1 and 2. Which forecasting method is better based on MAPE? [32 points] Use the appropriate label/unit of measurement in your answers. Leave the numbers in decimal and go up to 5 decimal places for higher accuracy

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