forecasting methods across different data sets?
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...
Related questions
Question
Which method will you use if you want to compare the accuracy of forecasting methods across different data sets?
MAD
MSE
CSE
MAPE
Expert Solution
Step 1
Calculating the accuracy of a Forecasting method is focusing to choose the best forecasting method from a given methods. Different forecasting methods will changes its accuracy based on the natur of the data set. There are different metrics that helps to identify which method is better suitable and accurate forecasting method including MAD, MSE and MAPE. The below given step will discuss the most suitable method.
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