Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows. Month Soles Forecast 1 Forecast 2 1 835 785 810 2 835 800 825 3 830 845 845 4 855 830 815 5 770 765 810 6 835 805 811 7 780 790 810 8 845 790 780 9 790 820 810 10 815 795 840 a. Compute the MSE and MAD for each forecast (Round your answers to 2 decimal places.) MSE MAD Forecast 1 Forecast 2
Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows. Month Soles Forecast 1 Forecast 2 1 835 785 810 2 835 800 825 3 830 845 845 4 855 830 815 5 770 765 810 6 835 805 811 7 780 790 810 8 845 790 780 9 790 820 810 10 815 795 840 a. Compute the MSE and MAD for each forecast (Round your answers to 2 decimal places.) MSE MAD Forecast 1 Forecast 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months.
The forecasts and actual sales are as follows.
Month Soles
Forecast 1
Forecast 2
1
835
785
810
2
835
800
825
3
830
845
845
4
855
830
815
5
770
765
810
6
835
805
811
7
780
790
810
8
845
790
780
9
790
820
810
10
815
795
840
a. Compute the MSE and MAD for each forecast (Round your answers to 2 decimal places.)
MSE
MAD
Forecast 1
Forecast 2
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