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?
Definitions:
Aircraft Manufacturers
Companies specializing in the design, manufacture, and/or assembly of airplanes and aircraft-related systems and parts.
Protected Monopoly
refers to a market or industry where a single provider is shielded from competition through legal means, such as regulations or patents.
Monopoly Environment
A market structure characterized by a single seller, selling a unique product in the market.
Competitive Advantage
The attributes or conditions that allow a company or country to produce goods or services more efficiently or at a higher quality than its competitors.
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