sets or torecasts are as rollows:

$\backslash$table$[[,,$PREDICTED$],[$Period$,$Demand,F$1,$D$2],[1,68,66,66],[2,75,68,68],[3,70,72,70],[4,74,71,72],[5,69,72,74],[6,72,70,76],[7,80,71,78],[8,78,74,80],[,,,]]$

Click here for the Excel Data File

Compute mean forecast error $($MFE$)$ for each set of forecasts and determine which forecast is more accurate.

Tip: To set this problem up in Excel, create a column for Demand. Next to it$,$ put the F$1$ forecast column. Next to that, create a co calculate error $($Actual minus Forecast, in this case, Demand $-$ F$1).$ Then create an F$2$ forecast column, and next to that, a col calculate error for the difference between Demand and F$2.$

Round your final answers to $1$ decimal.

MFE for $F1=$

MFE for $F2=$

Which forecast method appears more accurate?

F$1$

F$2$

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