Asked by Jallisa Jackson on Apr 25, 2024
The measure of forecast error where the average absolute error of each forecast is shown as a percentage of demand is
A) mean squared error (MSE) .
B) mean absolute percentage error (MAPE) .
C) bias.
D) the tracking signal.
Forecast Error
The difference between the actual demand and the forecasted demand, indicating the accuracy of forecasting methods.
- Familiarize oneself with the essential parameters of forecasting errors: MSE, MAD, and MAPE.
Learning Objectives
- Familiarize oneself with the essential parameters of forecasting errors: MSE, MAD, and MAPE.
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