Following are two weekly forecasts made by two different methods for the number
ID: 390100 • Letter: F
Question
Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, den levels, in thousands of gallons: Forecast Actual Demand 0.72 0.98 1.00 1.00 Forecast Actual Week Method 2 Week Method 1 Demand 0.90 1.08 0.97 1.17 0.72 0.98 1.00 1.00 0.77 1.21 0.88 1.15 2 he MAD for Method 120 thousand gallons round your response to three decimal places). he mean squared error (MSE) for Method 1 thousand gallons (round your response to three decimal places). he MAD for Method 2 1376 thousand gallons (round your response to three decimal places) he mean squared error (MSE) for Method 2 ; thousand gallons2 ound your response to three decimal places)Explanation / Answer
Answer:- MAD for Method 1= 0.120
MSE for Method 1= 0.018
Answer:- MAD for Method 2= 0.138
MSE for Method 1= 0.023
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Week Forecast 1 Actual Demand Deviation Absolute Deviation Square of errors 1 0.9 0.72 0.18 0.18 0.0324 2 1.08 0.98 0.1 0.1 0.01 3 0.97 1 -0.03 0.03 0.0009 4 1.17 1 0.17 0.17 0.0289 Sum 0.48 0.0722 MAD= sum fo absolute deviation/number of weeks MAD=0.48/4 MAD=0.12 MSE = Sum of the square of errors/number of weeks MSE=0.07222/4 MSE=0.018