Following are two weekly forecasts made by two different methods for the number
QUESTION:
The 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:
What are the MAD and MSE for each method?
ANSWER:
Method 1: MAD: (0.20 + 0.05 + 0.05 + 0.20)/4 = .125 ← better
MSE: (0.04 + 0.0025 + 0.0025 + 0.04)/4 = .021
Method 2: MAD: (0.1 + 0.20 + 0.10 + 0.11) / 4 = .1275
MSE: (0.01 + 0.04 + 0.01 + 0.0121) / 4 = .018 ← better
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