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: Forecast Forecast Method 1 Actual Demand Actual Demand Week Week Method 2 1 0.95 0.72 0.80 0.72 1.08 1.00 1.21 1.00 3 0.95 1.07 0.92 1.07 4 1.22 0.97 4 1.15 0.97 The MAD for Method 1 = thousand gallons (round your response to three decimal places). The mean squared error (MSE) for Method 1 = thousand gallons (round your response to three decimal places). The MAD for Method 2 = thousand gallons (round your response to three decimal places). The mean squared error (MSE) for Method 2 = thousand gallons (round your response to three decimal places).
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: Forecast Forecast Method 1 Actual Demand Actual Demand Week Week Method 2 1 0.95 0.72 0.80 0.72 1.08 1.00 1.21 1.00 3 0.95 1.07 0.92 1.07 4 1.22 0.97 4 1.15 0.97 The MAD for Method 1 = thousand gallons (round your response to three decimal places). The mean squared error (MSE) for Method 1 = thousand gallons (round your response to three decimal places). The MAD for Method 2 = thousand gallons (round your response to three decimal places). The mean squared error (MSE) for Method 2 = thousand gallons (round your response to three decimal places).
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 1P: The file P13_01.xlsx contains the monthly number of airline tickets sold by a travel agency. a. Does...
Related questions
Question
Can you assit me with this problem 2 by showing me the process step by step. I prefer it not be in the form of an excel sheet because it is hard to follow along. Thank you kindly
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing