Accuracy in forecasting can be measured by: A) MSE B) MRP C) MAPE D) MTM E)...
Homework Answers
The correct answer is option \(\mathrm{E}\).
Both option A. and option C. are commonly used measures for summarizing historical errors.
MSE - Mean Squared Error (Average of squared error) MAPE - Mean Absolute Percentage Error (Average of percentage error)
$$ \begin{aligned} &\operatorname{MSE}=\frac{\Sigma\left(\text { Actual }_{t}-\text { Forecast }_{t}\right)^{2}}{n-1} \\ &\text { MAPE }=\frac{\sum \frac{\mid \text { Actual }_{t}-\text { Forecast }_{t} \mid}{\text { Actual }_{t}} \times 100}{n} \end{aligned} $$
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Accuracy in forecasting can be measured by:
A) MSE B) MRP C) MAPE D) MTM E)...
In situations where you need to compare forecasting methods for different time periods, the most appropriate...
In situations where you need to compare forecasting methods for different time periods, the most appropriate accuracy measure is a. ME b. MSE c. MAPE d. MAE
When measuring forecast accuracy, MSE emphasizes larger errors by A. Doubling the error B. Dividing by...
When measuring forecast accuracy, MSE emphasizes larger errors by A. Doubling the error B. Dividing by the number of periods C. Using the absolute value of the error D. Squaring the error
Before implementing a forecasting model is it important to Question 8 options: A. Utilize an alternative...
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1. Which of the following best describes the relationship between cost and accuracy in forecasting? a....
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All of the following are used to measure forecast errors EXCEPT? Select one: a. MSE X...
All of the following are used to measure forecast errors EXCEPT? Select one: a. MSE X b. MDE c. all of the choices are used d. MAD e. MAPE
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottle...
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The options for prefer for A B and C are 0.1 or 0.2 With the gasoline...
The options for prefer for A B and C are
0.1 or 0.2
With the gasoline time series data from the given table, show the exponential smoothing forecasts using a = 0.1. GASOLINE SALES TIME SERIES Week 1 2 3 4 5 6 7 8 9 10 11 12 Sales (1000s of gallons) 17 21 19 23 18 16 20 18 22 20 15 22 a. Applying the MSE measure of forecast accuracy, would you prefer a smoothing constant of...
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled...
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Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled...
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: PREDICTED DEMAND Period Demand F1 F2 1 68 63 62 2 75 66 61 3 70 73 70 4 74 65 71 5 69 71 73 6 72 69 73 7 80 70 76 8 78 72 80 a. Compute MAD for each set of forecasts. Given your results, which forecast appears...
PLEASE ONLY ANSWER IF YOU CAN DO WHAT IS BLANK, I DON'T NEED HELP WITH WHAT...
PLEASE ONLY ANSWER IF YOU CAN DO WHAT IS BLANK, I DON'T NEED
HELP WITH WHAT IS FILLED OUT ALREADY. THANK YOU!
Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 1914 16 10 17 15 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy: a. Mean absolute error (MAE) b. Mean squared error (MSE) c. Mean absolute percentage error...
All of the following are used to measure forecast errors EXCEPT? Select one: a. MSE X b. MDE c. all of the choices are used d. MAD e. MAPE
Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: PREDICTED DEMAND Period Demand 68 75 70 74 69 72 80 78 F1 67 F2 60 62 70 72 75 75 76 85 73 74 70 71 75 a. Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate? (Round your answers to 2 decimal...
The options for prefer for A B and C are
0.1 or 0.2
With the gasoline time series data from the given table, show the exponential smoothing forecasts using a = 0.1. GASOLINE SALES TIME SERIES Week 1 2 3 4 5 6 7 8 9 10 11 12 Sales (1000s of gallons) 17 21 19 23 18 16 20 18 22 20 15 22 a. Applying the MSE measure of forecast accuracy, would you prefer a smoothing constant of...
PLEASE ONLY ANSWER IF YOU CAN DO WHAT IS BLANK, I DON'T NEED
HELP WITH WHAT IS FILLED OUT ALREADY. THANK YOU!
Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 1914 16 10 17 15 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy: a. Mean absolute error (MAE) b. Mean squared error (MSE) c. Mean absolute percentage error...
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