Two different forecasting techniques $($F$1$ and F$2)$ were used to forecast the demand for cases of bottled water. The actual demand and the two sets of forecasts are given in the Excel fileLinks to an external site..

$($i$)$ Compute MAE, RMSE, and MAPE for forecasting method F$1.$

MAE: $[$ Select $]["3\mathrm{.}13","4"]$

RMSE: $[$ Select $]["3\mathrm{.}89","4\mathrm{.}16"]$

MAPE: $[$ Select $]["4\mathrm{.}19\%","5\mathrm{.}34\%"]$

$($ii$)$ Compute MAE, RMSE, and MAPE for forecasting method F$2.$

MAE: $[$ Select $]["2\mathrm{.}63","3"]$

RMSE: $[$ Select $]["2\mathrm{.}89","3\mathrm{.}09"]$

MAPE: $[$ Select $]["3\mathrm{.}64\%","4\mathrm{.}11\%"]$

$($iii$)$ Based on your calculations, which forecasting method appears to be more accurate? $[$ Select $]["$Method F$1",$ "Method F$2"]$

Why? $[$ Select $]["$Forecasting method F$1$ has lower MAE, RMSE, and MAPE values", "Forecasting method F$2$ has lower MAE, RMSE, and MAPE values", "Forecasting method F$2$ has higher MAE, RMSE, and MAPE values"$]$