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Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows:
PREDICTED DEMAND | |||
Period | Demand | F1 | F2 |
1 | 68 | 67 | 64 |
2 | 75 | 70 | 60 |
3 | 70 | 75 | 70 |
4 | 74 | 71 | 72 |
5 | 69 | 71 | 73 |
6 | 72 | 65 | 76 |
7 | 80 | 71 | 75 |
8 | 78 | 77 | 85 |
Compute MAPE for each data set. Which forecast appears to be more accurate? (Round your intermediate calculations to 2 decimal places and and final answers to 2 decimal places.)
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