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QUESTION

The table below presents two sets of forecast errors determined based on the forecasts made using two different forecasting methods.

4

4

2

(a)  Determine the respective MADs for Method 1 and Method 2. For each MAD, please provide at least one step of calculation and the correct answer for full credit. (8 points)

MAD=(∑|Forecast Error| )/n

Method1

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