A manager has been using a certain technique to forecast demand for gallons of ice cream...
A manager has been using a certain technique to forecast demand for gallons of ice cream for the past six periods. Actual and predicted amounts are shown below. Calculate MAD, MSE, MAPE
|
Period |
Demand |
Forecast |
|
1 |
90 |
87 |
|
2 |
85 |
88 |
|
3 |
91 |
87 |
|
4 |
92 |
89 |
|
5 |
85 |
90 |
|
6 |
88 |
92 |
Homework Answers
MAD(Mean Absolute deviation) = Sum of Absolute deviation/Number of observations
= (3 + 3 + 4 + 3 + 5 + 4)/6
= 22/6
= 3.67
MSE (Mean Square Error) = Sum of Square Errors/Number of observations
= (9 + 9 + 16 + 9 + 25 + 16)/6
= 14
MAPE(Mean Absolute Percentage Error) = Sum of percentage errors/Number or observations
= (3.33 + 3.53 + 4.40 + 3.26 + 5.88 + 4.55)/6
= 4.16%
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