Two different forecasting techniques $($F$1$ and F$2)$ were used to forecast demand for cases of energy drinks. Actual demand $($Demand$)$ and the two sets of forecasts $($F$1,$ and F$2)$ are as follows:

PREDICTED DEMAND

Period Demand F$1$ F$2$

$1686166$

$2757165$

$3707170$

$4746571$

$5697277$

$6726774$

$7807378$

$8787681$

You'll be determining the mean absolute percent error $($MAPE$)$ for Forecast $1$ and for Forecast $2,$ and determine which is the more accurate forecast.

Since this review quiz is to help you prepare for the exam, I recommend you write out the table on a piece of paper and work through it with your calculator, for practice.

Your table would look like this:

Period Demand F$1|$error$|/$Demand Demand F$2$

$|$error$|/$Demand$|$

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

Compute MAPE for each forecast. Which forecast appears to be more accurate? $($Use the percent format $1\mathrm{.}23\%$ for calculations, instead of using the format $0\mathrm{.}12.$ Round your intermediate calculations to $2$ decimal places and final answers to $2$ decimal places in percent format, that is$,1\mathrm{.}23\%.)$