Problem:
A convenience store posted the following figures for gasoline sales in gallons over the past 4 days compared to its forecasted sales using two different forecast methods:
DAY ACTUAL SALES FORECAST 1 FORECAST 2
1 600 610 570
2 590 620 625
3 570 600 560
4 635 590 615
Required:
Using MAPE as the accuracy measure, which forecast is "best". You must show your work. Solve the given numerical problem and illustrate step by step calculation.