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NO HANDWRITTEN ANSWERS PLEASE! INCLUDE FORMULAS FOR BOTH MAD AND MSE PLEASE! The forecasts generated by...

NO HANDWRITTEN ANSWERS PLEASE!

INCLUDE FORMULAS FOR BOTH MAD AND MSE PLEASE!

The forecasts generated by three forecasting methods and actual demand for the Torrance Company are as follows:

Month        Demand        Forecast 1        Forecast 2      Forecast 3

1                 269                 275                   268                  280

2                 289                 266                   287                  295

3                 294                 290                   292                  290

4                 278                 284                   298                  280

5                 268                 270                   274                  270

6                 269                 268                   270                  260

Compute the MSE and MAD for each forecasting method. Which method is better? Would your decision on which forecasting method performs better depending on which forecasting accuracy measure (MAD or MSE) is selected?

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Answer #1

Forecast 3 has the least MSE and second least MAD. Also, the MAD of forecast 3 is close to the least MAD. Therefore, forecast 3 is the best forecast

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