Explain which forecast is best by mape as accuracy measure


Problem:

A convenience store posted the following figures for gasoline sales in gallons over the past 4 days compared to its forecasted sales using two different forecast methods:

DAY                ACTUAL SALES                      FORECAST 1               FORECAST

1                                 600                                     610                             570

2                                 590                                     620                             625

3                                 570                                     600                             560

4                                 635                                      590                             615

Required:

Question 1) Using MAPE as the accuracy measure, which forecast is "best". You must show your work. Solve the problem and show all work.

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Operation Management: Explain which forecast is best by mape as accuracy measure
Reference No:- TGS0882744

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