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 10.851.050.951.22ActualDemand0.701.050.960.97Week1234The mean squared error (MSE) for Method 2 =ForecastMethod 20.821.190.921.17ActualDemand0.701.050.960.97The MAD for Method 1 = thousand gallons (round your response to three decimal places).The mean squared error (MSE) for Method 1= thousand gallons² (round your response to three decimal places).The MAD for Method 2 = thousand gallons (round your response to three decimal places).thousand gallons (round your response to three decimal places).

Forecasting is a technique used to predict future outcomes on the basis of past data. In business…

Answered: The MAD for Method 1 = thousand gallons…

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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