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13. Two forecasting methods have been used to evaluate the same economic time series. The results are Forecast from Forecast from Realized Value Method 1 Method 2 of the Series 256 340 375 223 210 289 320 430 390 134 112 110 190 150 490 225 525 550 Compare the effectiveness of these methods by computing the MSE, the MAD, and the MAPE. Do each of the measures of forecasting accuracy indicate that the same forecasting technique is best? If not, why?

13. Two forecasting methods have been used to evaluate the same economic time series. The results are Forecast from Forecast from Realized Value Method 1 Method 2 of the Series 256 340 375 223 210 289 320 430 390 134 112 110 190 150 490 225 525 550 Compare the effectiveness of these methods by computing the MSE, the MAD, and the MAPE. Do each of the measures of forecasting accuracy indicate that the same forecasting technique is best? If not, why?

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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13. Two forecasting methods have been used to evaluate the same economic time series. The results are Forecast from Forecast from Realized Value Method 1 Method 2 of the Series 256 340 375 223 210 289 320 430 390 134 112 110 190 150 490 225 525 550 Compare the effectiveness of these methods by computing the MSE, the MAD, and the MAPE. Do each of the measures of forecasting accuracy indicate that the same forecasting technique is best? If not, why?
Transcribed Image Text:13. Two forecasting methods have been used to evaluate the same economic time series. The results are Forecast from Forecast from Realized Value Method 1 Method 2 of the Series 256 340 375 223 210 289 320 430 390 134 112 110 190 150 490 225 525 550 Compare the effectiveness of these methods by computing the MSE, the MAD, and the MAPE. Do each of the measures of forecasting accuracy indicate that the same forecasting technique is best? If not, why?
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