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:
Pension Plans
Retirement savings plans offered by employers, providing employees with a specific monthly income upon retirement.
Pay-for-Knowledge Approach
A compensation strategy where employees are paid based on their skill sets and the knowledge they bring to the job.
Global Issues
Global issues refer to challenges and concerns that affect countries and populations worldwide, such as climate change, poverty, and international conflicts.
Classification System
A method for organizing data or objects into categories based on shared characteristics.
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