Suppose that you generated a forecast with the some data, and you have the following errors:
Week | (Et) |
1 | |
2 | 18.2 |
3 | -9.4 |
4 | 0.9 |
5 | -4 |
6 | 4.6 |
7 |
What is the MSE?
Question: Suppose that you generated a forecast with the some data, and you have the following errors:
Answer: MSE = 91.514
Explanation:
Given that:
Error (Et):
Week 2 = 18.2
Week 3 = -9.4
Week 4 = 0.9
Week 5 = -4
Week 6 = 4.6
Now:
To find Mean Squared Error (MSE), first let us square the Error (Et)
That is:
Week 2 = 18.2 = (18.2 x 18.2) = 331.24
Week 3 = -9.4 = (9.4 x 9.4) = 88.36
Week 4 = 0.9 = (0.9 x 0.9) = 0.81
Week 5 = -4 = (4 x 4) = 16
Week 6 = 4.6 = (4.6 x 4.6) = 21.16
Now:
Mean Square Error (MSE) is given by:
MSE =
Error^2 / n
Therefore:
MSE = (331.24 + 88.36 + 0.81 + 16 + 21.16) / 5
MSE = 457.57 / 5
MSE = 91.514
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