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Forecasting techniques are very valuable in business planning, but without effectively examining the forecasting error, a...

Forecasting techniques are very valuable in business planning, but without effectively examining the forecasting error, a business could make very flawed decisions. It is critical that we always evaluate the level of error and use this information to inform decisions about production, stocking, etc. For each of the error measures below, describe their strengths and weaknesses. Finally, select the method you believe would be most useful.

  • forecast error
  • CFE
  • mean bias
  • MAD
  • MAPE
math   Statistics-And-Probability   
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Answer #1

Ans,

=MAPE

MAPE Method be the best and most useful because

Measure the size of error in term of percentage

MAPE get forcastf accuracy

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