Reference no: EM131648660

A convenience store posted the following figures for gasoline sales in gallons over the past 4 days, compared to sales forecasts created using two different methods:

DAY               ACTUAL SALES                    FORECAST 1            FORECAST 2

1                                580                                    640                           590

2                                620                                    650                           635

3                                540                                    600                           560

4                                640                                    610                           635

Using MAPE as the accuracy measure, which forecast is "best"? State your answer in a one-sentence explanation of the results of your calculations.

Hint 1: Absolute values are important to this solution. Without them, your answer could go haywire.

Hint 2: The data presented creates two sets of errors. Both are needed to compare the forecasts.

Hint 3: Each error is calculated by:

((|Actual - Forecast|/Actual) * 100) (multiplying by 100 states the result in whole number percents).