Question: Two different forecasting techniques (F1 and F2 ) were used to forecast demand for cases of bottled water. Actual demand and the two sets of

Two different forecasting techniques (F1 and F2 )

Two different forecasting techniques (F1 and F2 ) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) Answer is complete and correct. b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. c. In practice, either MAD or MSE would be employed to compute forecast errors. What factors might lead a manager to choose one rather than the other? Answer is complete and correct. Either one might already be in use, famillar to users, and have past values for Either one might comparison. If d. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and and final answers to 2 decimal places.)

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