The Following Table Shows Actual Sales Values and Forecasts Provided

question 27

Essay

The following table shows actual sales values and forecasts provided by two different methods.
a. Calculate the MAD for each method.
b. Calculate the MSE for each method.
c. Which method forecasts better?

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Definitions:

Trade Control

Regulations and policies implemented by a government to manage and control international trade and exports.

Extremism

The holding of extreme political or religious views that may lead to actions outside of societal norms.

Currency Control

Regulations imposed by a government on the purchase and sale of foreign currencies by residents or on the transfer of currencies across national borders.

Deregulation

The reduction or elimination of government power in a particular industry, often to increase competition and foster innovation.