Question
Use the following data for the next two questions. The co-owners of an axe throwing caf have contracted a business demand forecast expert to help
Use the following data for the next two questions.
The co-owners of an axe throwing caf have contracted a business demand forecast expert to help them with the forecasting so that they can better prepare for the crowd fluctuations. This expert includes variables such as weather, advertising, and school sessions to create her forecasts. View the table below for a comparison between the co-owners' forecasts and the expert's forecasts for the next four weeks, along with the actual number of customers (True Demand).
Co-Owners' Forecast | Expert's Forecast | True Demand | |
Week 1 | 370 | 260 | 245 |
Week 2 | 270 | 275 | 260 |
Week 3 | 250 | 330 | 375 |
Week 4 | 390 | 380 | 400 |
Over the four week period, what is the co-owners' forecast error on average? (Round to 1 decimal point.)
Based on the last four weeks, and using MAE as the criteria, who is doing a better job with forecasting the number of guests per week?
Co-owners | ||
Expert | ||
The co-owners and the expert are doing equally well. | ||
Not enough information to tell. |
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