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What is the mean absolute percent error of the following forecasts? Actual Demand Period 1 800 700 1800 300 750 2345 Forecast 720 720 720 720 720

What is the mean absolute percent error of the following forecasts? Actual Demand Period 1 800 700 1800 300 750 2345 Forecast 720 720 720 720 720

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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**Mean Absolute Percent Error (MAPE) Calculation** The table below shows the actual demand and forecasts for a series of periods: | Period | Actual Demand | Forecast | |--------|---------------|----------| | 1 | 800 | 720 | | 2 | 700 | 720 | | 3 | 1800 | 720 | | 4 | 300 | 720 | | 5 | 750 | 720 | The question is: What is the mean absolute percent error (MAPE) of these forecasts? Options are: - A. 0.4337 - B. 326 - C. 0.4528 - D. 0 - E. 1.1137 MAPE is calculated using the formula: \[ \text{MAPE} = \frac{1}{n} \sum \left( \frac{| \text{Actual} - \text{Forecast} |}{\text{Actual}} \times 100\% \right) \] Where \( n \) is the number of periods.
Transcribed Image Text:**Mean Absolute Percent Error (MAPE) Calculation** The table below shows the actual demand and forecasts for a series of periods: | Period | Actual Demand | Forecast | |--------|---------------|----------| | 1 | 800 | 720 | | 2 | 700 | 720 | | 3 | 1800 | 720 | | 4 | 300 | 720 | | 5 | 750 | 720 | The question is: What is the mean absolute percent error (MAPE) of these forecasts? Options are: - A. 0.4337 - B. 326 - C. 0.4528 - D. 0 - E. 1.1137 MAPE is calculated using the formula: \[ \text{MAPE} = \frac{1}{n} \sum \left( \frac{| \text{Actual} - \text{Forecast} |}{\text{Actual}} \times 100\% \right) \] Where \( n \) is the number of periods.
Below are multiple-choice options typically found in a question format on an educational platform. The context or specific question is not included, so each option is listed independently: - **A.** 0.4337 - **B.** 326 - **C.** 0.4528 - **D.** 0 - **E.** 1.1137 - **F.** -0.1377 - **G.** 150 - **H.** 260.23 This image presumably represents the answer choices for a given question, often seen in tests or quizzes that involve mathematical computations or data analysis. There are no graphs or diagrams provided in the image to explain.
Transcribed Image Text:Below are multiple-choice options typically found in a question format on an educational platform. The context or specific question is not included, so each option is listed independently: - **A.** 0.4337 - **B.** 326 - **C.** 0.4528 - **D.** 0 - **E.** 1.1137 - **F.** -0.1377 - **G.** 150 - **H.** 260.23 This image presumably represents the answer choices for a given question, often seen in tests or quizzes that involve mathematical computations or data analysis. There are no graphs or diagrams provided in the image to explain.
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