Consider the following data. Two different methods have been used to provide a forecast.weekactualMETHOD 1 FORECASTMETHOD 2 FORECAST 118 2131818 3161316 4111616 5171115 6141715 7 1415 6a. For Method 1, compute the following:i. MAEii. RMSEiii. MAPEb. For Method 2, compute the following:i. MAEii. RMSEiii. MAPEc. Which method appears to provide more accurate forecasts for the historical data? Explain.

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Description: Consider the following data. Two different methods have been used to provide a forecast.weekactualMETHOD 1 FORECASTMETHOD 2 FORECAST 118 2131818 3161316 4111616 5171115 6141715 7 1415 6a. For Method 1, compute the following:i. MAEii. RMSEiii. MAPEb

(a). Compute the value of MAE for Method-1: The required calculations are obtained as given below:…

Answered: Consider the following data. Two…

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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Consider the following data. Two different methods have been used to provide a forecast.

week	actual	METHOD 1 FORECAST	METHOD 2 FORECAST
1	18
2	13	18	18
3	16	13	16
4	11	16	16
5	17	11	15
6	14	17	15
7		14	15

6a. For Method 1, compute the following:
i. MAE
ii. RMSE
iii. MAPE

b. For Method 2, compute the following:
i. MAE
ii. RMSE
iii. MAPE

c. Which method appears to provide more accurate forecasts for the historical data? Explain.

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