Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

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:
\table[[Week,\table[[Forecast],[Method 1]],\table[[Actual],[Demand]]],[1,0.85,0.72],[2,1.05,1.00],[3,0.92,1.07],[4,1.17,1.04]]
\table[[Week,\table[[Forecast],[Method 2]],\table[[Actual],[Demand]]],[1,0.77,0.72],[2,1.20,1.00],[3,0.90,1.07],[4,1.15,1.04]]
The MAD for Method 1= thousand gallons (round your response to three decimal places).
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management

Authors: Stephen P Robbins, Mary Coulter

11th Edition

9780273752776, 132163845, 273752774, 978-0132163842

More Books

Students also viewed these General Management questions