Two different techniques and independent methods of forecasting, Forecast 1 (F1) andForecast 2 (F2) based on judgement and experience have been used to forecast demandfor cases of bottled water. Actual demand and the two sets of forecasts are as shown inTable 1.Table 1: Predicted demand F1 and F2.Predicted DemandMonthDemandF1F216866662756868707270474717269727472707678071788787480Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecastappears to be more accurate? What observations can you make based on your findings?Should management have any concerns?

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Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecast appears to be more accurate? What observations can you make based on your findings? Should management have any concerns?

Compute MAD, MSE, MAPE for each set of forecasts. Give your results, which forecast appears to be more accurate? What observations can you make based on your findings? Should management have any concerns?

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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