You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy. Do not round intermediate calculations. Round your answers to two decimal places. Actual Yen Value Period 1 Yen Forecast Pound Forecast Actual Pound Value $0.0053 $0.0056 $1.47 $1.56 2 $0.0052 $0.0054 $1.54 $1.57 3 $0.0055 $0.0051 $1.51 $1.58 4 $0.0054 $0.0053 $1.55 $1.50 The mean absolute forecast error as a percentage of the realized yen value is %. The mean absolute forecast error as a percentage of the realized pound value is %. Because the mean absolute forecast error as a percentage of the realized pound value is -Select- than that of the yen, the -Select- was forecasted with greater accuracy.

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You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to
determine which currency was forecasted with greater accuracy. Do not round intermediate calculations. Round your answers to two decimal places.
Period
Yen Forecast
Actual Yen
Value
Pound
Forecast
Actual Pound
Value
1
$0.0053
$0.0056
$1.47
$1.56
2
$0.0052
$0.0054
$1.54
$1.57
3
$0.0055
$0.0051
$1.51
$1.58
4
$0.0054
ps
$0.0053
$1.55
$1.50
The mean absolute forecast error as a percentage of the realized yen value is
%.
Os
The mean absolute forecast error as a percentage of the realized pound value is
%.
Because the mean absolute forecast error as a percentage of the realized pound value is -Select- than that of the yen, the -Select- was forecasted with greater accuracy.
Transcribed Image Text:You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy. Do not round intermediate calculations. Round your answers to two decimal places. Period Yen Forecast Actual Yen Value Pound Forecast Actual Pound Value 1 $0.0053 $0.0056 $1.47 $1.56 2 $0.0052 $0.0054 $1.54 $1.57 3 $0.0055 $0.0051 $1.51 $1.58 4 $0.0054 ps $0.0053 $1.55 $1.50 The mean absolute forecast error as a percentage of the realized yen value is %. Os The mean absolute forecast error as a percentage of the realized pound value is %. Because the mean absolute forecast error as a percentage of the realized pound value is -Select- than that of the yen, the -Select- was forecasted with greater accuracy.
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