Using the Moving absolute deviation(MAD), Mean square error(MSE) and Mean absolute percentage error(MAPE), compare the forecasted data to the actual data for 2019 and comment on the accuracy of the forecasts. Year Quarter Unemployment Seasonalized |F - Aforecast2019MAD =MSE =MAPE =123411.663434.3241.1744rate8.27127.59017.45307.5652= 2.92|= 8.58x 100 29.3510.92910.93210.12510.556(F - A)²8.2712 10.929 7.065= 2.6587.5901 10.932 11.169= 3.3427.4530 10.125 7.140= 2.6727.5652 10.556 8.946= 2.99111.6634= 2.91634.324= 8.58(F - A)/A2.6588.27123.34210.9322.67210.1252.991= 0.321= 0.306= 0.264= 0.28310.5561.1744= 29.35x 100

Given are different forecast errors of a model. MAD=2.92 MSE=8.58 MAPE=29.35

Using the Moving absolute deviation(MAD), Mean square error(MSE) and Mean absolute percentage error(MAPE), compare the forecasted data to the actual data for 2019 and comment on the accuracy of the forecasts.

Using the Moving absolute deviation(MAD), Mean square error(MSE) and Mean absolute percentage error(MAPE), compare the forecasted data to the actual data for 2019 and comment on the accuracy of the forecasts.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Q: number 4

A: A frequency table is used to understand the number of times an observation occurs. The cumulative…

Q: Describe the main measures of central tendency and dispersion. Why are they important in analyzing…

A: A measure of central tendency helps to identify the location of a dataset, whereas a measure of…

Q: he number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts…

A: Introduction: We need to forecast using the three-week weighted moving average method, and obtain…

Q: Explain the steps for figuring out how to do the following:- Calculate the forecast for year 6 using…

A: Given data and calculation is shown below

Q: prediction

Q: The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts…

A: For given weekly sales We have to calculate mean squared error and mean absolute percentage error…

Q: Calculate t for a comparison for repeated-measures data?

A: The computational procedure is to compute the difference between each pair of observations (di)…

Q: a values that would allow 55% of the data to fall within the mean observing symmetry? Draw the curve…

A: Mean and standard deviation are given below: μ = 8.70σ=2.1846 Z-score is a measure that indicates…

Q: Highlight the precautions for use of secondary data

A: The objective of this question is to understand the precautions that need to be taken while using…

Q: A mother is creating the family budget for next year and wants to come up with a single value to…

A: Mean is the correct option. She should use Mean as the descriptive statistic to calculate the cost…

Q: Discuss clearly why the centered moving average method of forecasting is preferred to other methods…

A: The MA method is employed or implemented mostly for speculating or predicting the objects or things…

Q: Explain why the minimum and maximum observations are added to the three quartiles to describe better…

A: Quartile: Quartiles are the values which divides the data into four equal parts. First quartile:…

Q: Explain why we use point estimates and how the standard error of the mean margin of error are used…

A: We have to answer question on estimation

Q: What are the commonly used statistical tools for qualitative research. Give background and formula…

A: Statistical tools are tools which are used to carry out statistical analysis which is used to give a…

Q: The formula for the standard error (standard deviation of the distribution of sample means) implies…

A: Standard error is approximately equal to standard deviation,it is a part of inference statistics. It…

Q: Which of the following are common metrics for measuring the relative quality of different…

A: If the relative quality of forecasting methods is to be measured, then Mean Absolute Percent Error…

Q: A newspaper infographic titled "Baby's First Photo Reveal" summarized data from a survey of 1,000…

A: Answer is given by confidence interval.

Q: What can you say about the accuracy of the forecast for an earthquake?

A: Forecasting of an earthquake are used to establish codes of bulding, in awareness programs and in…

Q: A standardized test has a pop. mean of 152 and a standard deviation of 16. Molly scores at the 91st…

Q: If the main effect of age is significant, describe the main effect of age. Include the overall means…

A: Main effect in the Analysis of Variance test is the effect of one the independent variable on…

Q: What is the Mean Absolute Error? What is the Mean Squared Error? What is the Mean Absolute…

Q: he American Community Survey (ACS), part of the United States Census Bureau, conducts a yearly…

A: Given, 90% confidence interval: ($69,720, $69,922) Lower confidence interval = $69720 Upper…

Q: Explain an important difference between the standard deviation and the mean.

Q: The table below presents the actual monthly sales for a company over the first six months of 1986.…

A: The 3-month moving average is, Months Actual Sales 3-Month moving average January 1986 270…

Q: Differentiate between qualitative and quantitative data with examples. What are the limitations of…

A: Qualitative research is aimed at gaining a deep understanding of a specific organization or event,…

Q: Your new store opened for business on September 1. Assuming you plan to forecast sales using a 6-…

Q: what are the four imporatant sources of data?

A: In statistics, data is the raw information from which statistics are created. This data can be…

Q: 15- 10- 10- 5- 5- 0.5 5.5 10.5 15.5 20.5 25.5 30,5 35,5 40.5 45.5 0.5 5.5 10.5 15.5 20.5 25.5 30.5…

A: From the given graphs Answer the questions

Q: For the month of April, a checking account has a balance of $539 for 22 days, $2318 for 3 days, and…

A: To calculate the mean daily balance for April, we need to determine the total balance for the entire…

Q: Explain why we need to square the deviations from the mean in our calculation of the standard…

A: 3) The deviation formula is, Deviation=Xi-Mean In the formula Xi is individual scores.

Q: Prepare a weighted-average forecast.

Q: Why is the combination of the measures of central tendency and measures of variation so informative…

A: Measures of central tendency gives the middle or central value which represents the whole data in a…

Q: What is the forecast for week 10? What is the Mean Absolute Error (MAE)?

A: From given data : The number of cans of soft drinks sold in a machine each week is 155, 145, 155,…

Q: The line drawn within the box of the box-and-whisker plot represents the mean. TRUE FALSE

Q: A university placement office sent a questionnaire to a sample of business graduates requesting…

A: Solution : Given : The monthly salary (in thousands) of 11 graduates. 28, 35, 48, 20, 40, 40, 22,…

Q: Why would you use mean absolute deviation as opposed to the mean average?

A: Mean = average of all data points .

Q: Think of your own example of a data set that would follow a normal distribution and explain why.

A: progress report data of employees follow the normal distribution. let us consider the monthly…

Q: The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts…

A: Given data for the sale of cans of softdrinks We have to calculate Mean squared error and Mean…

Q: What is the standard error of the mean?

A: Standard error: Standard error is a measure which explains how accurate are the sample means to…

Q: What is the approximate forecast for November using a four-month moving average? Oct - 700 Sept -…

A: We have given the actual demand for months, we have to forecast for November using a four-month…

Q: The original data set is in the picture and the question parts needs to be answered as well for the…

A: Mean, median and mode are the measure of central tendency, which used to measure the center of the…

Question

Year Quarter Unemployment Seasonalized |F - A
forecast
2019
MAD =
MSE =
MAPE =
1
2
3
4
11.663
4
34.32
4
1.174
4
rate
8.2712
7.5901
7.4530
7.5652
= 2.92|
= 8.58
x 100 29.35
10.929
10.932
10.125
10.556
(F - A)²
8.2712 10.929 7.065
= 2.658
7.5901 10.932 11.169
= 3.342
7.4530 10.125 7.140
= 2.672
7.5652 10.556 8.946
= 2.991
11.663
4
= 2.916
34.32
4
= 8.58
(F - A)/A
2.658
8.2712
3.342
10.932
2.672
10.125
2.991
= 0.321
= 0.306
= 0.264
= 0.283
10.556
1.174
4
= 29.35
x 100

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Please round it to 4 decimal places and add the excel formulas as well.
why is one standard error unit not a good choice for the error bars that relate to the trendline?
Explain Forecast Uncertainty and Forecast Intervals?
The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts for the period indicated and error calculations. 155, 145, 155, 162, 180, 165, 172, 149, 170, 172 Naïve Method What is the Mean Squared Error (MSE)? What is the Mean Absolute Percentage Error (MAPE)?
Interpret scatter diagram and descriptive statistics.
Describe the three measures of variability; the range, variance, and standard deviation. Explain the impact of outliers on measures of variability.
Calculate 90th percentile for Z.
Please discuss the concepts of Mean, Median, Mode, and Standard Deviation, including when each should be used, and evaluate the differences of each. How can knowing this information about data help us?
what is interval data?
Condé Nast Traveler conducts an annual survey in which readers rate their favorite cruise ship. All ships are rated on a 100-point scale, with higher values indicating better service. A sample of ships that carry fewer than 500 passengers and a sample of ships that carry 500 or more passengers is provided in the Microsoft Excel Online file below (Condé Nast Traveler, February 2008). Round your all answers to two decimal places. Open spreadsheet a. What is the point estimate of the difference between the population mean rating for ships that carry fewer than 500 passengers and the population mean rating for ships that carry 500 or more passengers? b. At 95% confidence, what is the margin of error? c. What is a 95% confidence interval estimate of the difference between the population mean ratings for the two sizes of ships? to
The weekly mean sale of a certain store is 3,884 pesos. When the measurements are reviewed it was found out that 3,221 pesos was erroneously written as 2,321. What are the actual weekly mean sales of the store?
number 2 table only