Compute the MSE for each set of forecasts

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Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: PREDICTED DEMAND Period Demand F1 F2 1 68 64 63 2 75 68 60 3 70 75 70 4 74 65 67 5 69 73 76 6 72 70 74 7 80 74 75 8 78 75 85 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal place.) MAD F1 5 MAD F2 appears to be more accurate. b. Compute the MSE for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal places.) MSE F1 MSE F2 appears to be more accurate. c. Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and final answers to 2 decimal places.) MAPE F1 MAPE F2.

Reference no: EM132295044

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