Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands,demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons:Week1234ForecastMethod 110.901.080.971.17ActualDemand0.721.001.071.00Week14ForecastMethod 20.821.200.881.17The MAD for Method 1 = thousand gallons (round your response to three decimal places).ActualDemand0.721.001.071.00

WeekForecast method 1Actual demand10.90.7221.08130.971.0741.171

Answered: Following are two weekly forecasts made…

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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Following are two weekly forecasts made by two different me demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons: Forecast Actual Forecast Actual