Suppose you are analyzing the weekly sales data of a specific product at a retail store...

 

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Suppose you are analyzing the weekly sales data of a specific product at a retail store by knowing the historical data for the last four weeks. Let's assume that you've used two different methods for your forecasting. Please compare these three methods with respect to MAD, MSE and MAPE and mention the best algorithm with respect to each performance metric. Week 1 Week 2 Week 3 Week 4 Actual Demand 10 12 13 14.5 Algorithm 1's Forecasting 11.5 14 13.5 15.5 Algorithm 2's Forecasting 12 14 13.5 15 Suppose you are analyzing the weekly sales data of a specific product at a retail store by knowing the historical data for the last four weeks. Let's assume that you've used two different methods for your forecasting. Please compare these three methods with respect to MAD, MSE and MAPE and mention the best algorithm with respect to each performance metric. Week 1 Week 2 Week 3 Week 4 Actual Demand 10 12 13 14.5 Algorithm 1's Forecasting 11.5 14 13.5 15.5 Algorithm 2's Forecasting 12 14 13.5 15

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To compare the performance of the two forecasting algorithms Algorithm 1 and Algorithm 2 with the ac... View the full answer