For the following data, calculate 'MAPE'MonthForecastActual11100950110010506.311001100411001200511001090б11001070 Ans:MonthForecastActual111009502.110010501100110041100120051100109011001070

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Answered: For the following data, calculate…

For the following data, calculate 'MAPE' Month Forecast Actual 1. 1100 950 1100 1050 1100 1100 4 1100 1200 1100 1090 1100 1070

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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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

For the following data, calculate 'MAPE'
Month
Forecast
Actual
1
1100
950
1100
1050
6.
3
1100
1100
4
1100
1200
5
1100
1090
б
1100
1070

Ans:
Month
Forecast
Actual
1
1100
950
2.
1100
1050
1100
1100
4
1100
1200
5
1100
1090
1100
1070

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