Given the forecast demand and actual demand for 10-feet fishing boats, compute the Mean Absolute Deviation (MAD) (answer correct to two decimal places).Year 1 2 3 4 5 6Forecast Demand (F) 78 75 83 84 88 85Actual Demand (A) 71 80 101 84 60 73
Question
Given the forecast demand and actual demand for 10-feet fishing boats, compute the Mean Absolute Deviation (MAD) (answer correct to two decimal places).Year 1 2 3 4 5 6Forecast Demand (F) 78 75 83 84 88 85Actual Demand (A) 71 80 101 84 60 73
Solution
To calculate the Mean Absolute Deviation (MAD), follow these steps:
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First, calculate the absolute deviation for each year. This is done by subtracting the forecast demand (F) from the actual demand (A) and taking the absolute value of the result.
Year 1: |71 - 78| = 7 Year 2: |80 - 75| = 5 Year 3: |101 - 83| = 18 Year 4: |84 - 84| = 0 Year 5: |60 - 88| = 28 Year 6: |73 - 85| = 12
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Next, sum up all the absolute deviations: 7 + 5 + 18 + 0 + 28 + 12 = 70
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Finally, divide the sum of the absolute deviations by the number of years (6 in this case) to get the MAD.
MAD = 70 / 6 = 11.67
So, the Mean Absolute Deviation (MAD) is 11.67 (rounded to two decimal places).
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