21. Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottledwater. Actual demand and the two sets of forecasts are as follows:PREDICTEDDEMANDPeriodDemandF1F26866662756868370727047471725697274727076807178787480a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be moreассurate? Explain.b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to bemore accurate?c. In practice, either MAD or MSE would be employed to compute forecast errors. What factorsmight lead a manager to choose one rather than the other?d. Compute MAPE for each data set. Which forecast appears to be more accurate?

(a). Compute the value of MAD for each set of forecasts: The required calculations are obtained as…

Answered: . Two different forecasting techniques…

. 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: PREDICTED

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

21. 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:
PREDICTED
DEMAND
Period
Demand
F1
F2
68
66
66
2
75
68
68
3
70
72
70
4
74
71
72
5
69
72
74
72
70
76
80
71
78
78
74
80
a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more
ассurate? Explain.
b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be
more accurate?
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?
d. Compute MAPE for each data set. Which forecast appears to be more accurate?

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