Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shownthousands of gallons:Week1234ForecastMethod 1The MAD for Method 1 =ActualDemand0.851.050.971.22Week120.680.821.001.211.000.901.041.15thousand gallons (round your response to three decimal places).ForecastMethod 234ActualDemand0.681.001.001.04

WeekActualForecast10.680.85211.05310.9741.041.22

Answered: The MAD for Method 1 = thousand gallons…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The MAD for Method 1 = thousand gallons (round your response to three decimal places).