As a supply chain manager for a company, you are tasked with forecasting the demand for a particular product. To assess the accuracy of your forecasting model, you decide to calculate the Mean Absolute Percent Error (MAPE) for the past seven months. Below is the data representing the actual demand and forecasted demand for each month: Month Actual Demand Forecasted Demand 1 1000 1100 2 900 1200 3 1300 1400 4 1100 700 5 2000 1700 6 1500 1200 7 1600 1500 What is the Mean Absolute Percent Error (MAPE) for the seven-month period? Question 1 options: a) 20.68% b) 17.66% c) 18.38% d) 19.44%
As a supply chain manager for a company, you are tasked with forecasting the demand for a particular product. To assess the accuracy of your forecasting model, you decide to calculate the Mean Absolute Percent Error (MAPE) for the past seven months. Below is the data representing the actual demand and forecasted demand for each month: Month Actual Demand Forecasted Demand 1 1000 1100 2 900 1200 3 1300 1400 4 1100 700 5 2000 1700 6 1500 1200 7 1600 1500 What is the Mean Absolute Percent Error (MAPE) for the seven-month period? Question 1 options: a) 20.68% b) 17.66% c) 18.38% d) 19.44%
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 2P: The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a...
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Question
As a
Month | Actual Demand | Forecasted Demand |
1 | 1000 | 1100 |
2 | 900 | 1200 |
3 | 1300 | 1400 |
4 | 1100 | 700 |
5 | 2000 | 1700 |
6 | 1500 | 1200 |
7 | 1600 | 1500 |
What is the Mean Absolute Percent Error (MAPE) for the seven-month period?
Question 1 options:
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