Two Forecasting Models Were Used to Predict the Future Values $\text { Forecast Value } F_{t}$

question 144

Essay

Two forecasting models were used to predict the future values of a time series. These are shown in the following table, together with the actual values. $\text { Forecast Value } F_{t}$$\quad\quad\quad\text { Actual Value } y_{t}$
$\begin{array}{|cc|r|}\hline \text { Model 1 } & \text { Model 2 } \quad&\quad\quad\quad\quad\quad\quad\quad \\\hline 8.2 & 7.7 & 7.6 \\7.8 & 8.5 & 8.2 \\7.0 & 8.5 & 7.6 \\9.6 & 9.0 & 10.3 \\\hline\end{array}$ Compute MAD and SSE for each model to determine which was more accurate.

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