The error measurement that gives weight based on the relative error is:- ○ Bias- ○ Residual- ○ MSE- ○ MAD- ○ MAPE

Forecasting errors are the difference between the actual and forecasted values. Forecasts are…

Answered: The error measurement that gives weight…

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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Yi is fixing up his road bike to prepare for a triathlon. He looks at his tires and wonders how much he should inflate them. Which of the following variables is an outcomevariable?a. The outside temperatureb. The rolling resistancec. The number of times he presses the pumpd. The size of the tire
A manufacturing facility analyzes a lot-sample of 100 units out of a shipment of 10,000. The demodulator frequency is supposed to be within 53.5 and 54.5 MHz. The mean is 54.25 MHz with a standard deviation of 0.04 MHz. What is the CPK?
Six Sigma Analytical Tools include all of the following except Run Chart Variable chart Flowchart Process Control Chart Checksheet
A railway promises to ship freight from Toronto to Vancouver in 9 days, but customers consider any time between 6 and 14 days to be acceptable. Last week an auditor examined a sample of 71 shipments and found their delivery time had a mean of 10.4 days and a standard deviation of 1.5 days. The auditor also found 4 shipments where the customer had been charged too much money. With respect to shipping time, calculate the potential Sigma score for the process.
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a professor records the number of students who complains each week throughout the semester. if the class size is forty students, what are3 sigma control limits class? Construct a control chart and interpret the data.
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While analyzing their annual sales data (liters of wine sold per year) for the past 30 years, a vineyard found that after taking four successive differences, the resulting data had a mean of 2458 liters and looked like a stationary process (e.g. white noise). If the actual data for the past four years were 2018 - 2134 liters, 2017 - 2403 liters, 2016 - 2076 liters, and 2015 - 2290 liters. What would be a reasonable forecast for sales in 2019? Explain.
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The error measurement that gives weight based on the relative error is: Bias Residual O MSE O MAD MAPE