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.
|
|
Forecasts
|
|
|
Week
|
Method 1
|
Method 2
|
Actual Demand
|
|
1
|
0.90
|
0.80
|
0.70
|
|
2
|
1.05
|
1.20
|
1.00
|
|
3
|
0.95
|
0.90
|
1.00
|
|
4
|
1.20
|
1.11
|
1.00
|
What are the MAD and MSE for each method?