Jim and John run a barber shop. Every night, both of them predict how many guests willcome on the next day. Over the last four days, they have collected some data about theirpredictions and the actual outcome. Jim predicts the number of guests to be 56 for day 1,50 for day 2, 45 for day 3, and 59 for day 4. John predicts 47, 49, 51, and 51 for the four respective days. The actual numbers of guests turn out to be 45, 51, 41, and 61. Who hasthe bigger forecast bias? What are the MSE and the MAE for Jim and John?

Jim and John run a barber shop. Every night, both of them predict how many guests willcome on the next day. Over the last four days, they have collected some data about theirpredictions and the actual outcome. Jim predicts the number of guests to be 56 for day 1,50 for day 2, 45 for day 3, and 59 for day 4. John predicts 47, 49, 51, and 51 for the four respective days. The actual numbers of guests turn out to be 45, 51, 41, and 61. Who hasthe bigger forecast bias? What are the MSE and the MAE for Jim and John?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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