Answered: Calculate the Mean Squared Error for… | bartleby

Practical Management Science

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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Question

**Calculate the Mean Squared Error for the following data:**

| Actual | Forecast |
|--------|----------|
| 90 | 89.3 |
| 87 | 89.2 |
| 96 | 93.3 |
| 102 | 90.7 |

*(Keep two decimal places in your answer)*

---

**Instructions:**

1. **Calculate the errors** for each data point by subtracting the forecast from the actual value.
2. **Square** each error to eliminate negative values and emphasize larger discrepancies.
3. **Calculate the mean** of these squared errors to get the Mean Squared Error (MSE).

This process helps evaluate the accuracy of a forecasting model by measuring how close the predicted values are to the actual values.

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