**Calculate the Mean Squared Error for the following data:**| Actual | Forecast ||--------|----------|| 90 | 91.3 || 85 | 87.6 || 96 | 93.2 || 99 | 98.6 |*(Keep two decimal places in your answer)***Explanation of Mean Squared Error:**The Mean Squared Error (MSE) is a measure of the average of the squares of the errors. It is calculated by finding the difference between the actual and forecast values, squaring that difference, and then averaging all those squared differences.Make sure to calculate each step carefully, and round your final answer to two decimal places.

MSE is the average of forecasted error. Formula used is as follows: MSE=sum of square of…

Answered: Calculate the Mean Squared Error for…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Calculate the Mean Squared Error for the following data: Actual 90 85 96 99 Forecast 91.3 87.6 93.2 98.6 (Keep two decimal places in your answer)