In the chapter, you learned about many metrics that can be used to evaluate forecast accuracy. The
Question:
In the chapter, you learned about many metrics that can be used to evaluate forecast accuracy. The MAPE was one of those that may be the most common in use. Explain what the MAPE tells a forecaster.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
MAPE stands for Mean Absolute Percentage Error The MAPE is one form of an average error in a forecas...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Forecasting And Predictive Analytics With Forecast X
ISBN: 978-1259903915
7th edition
Authors: J. Holton Wilson, Barry Keating
Question Posted:
Students also viewed these Business questions
-
Describe four metrics that can be used to evaluate the effectiveness of a PPC advertising campaign.
-
Gross Domestic Product (GDP) is a measure of overall activity in the economy. It is defined as the value at the final point of sale of all goods and services produced during a given period by both...
-
Use Table to create a questionnaire checklist that can be used to evaluate controls for each of the basic activities in the production cycle (product design, planning and scheduling, production...
-
Some people believe that the Internet is rewriting the rules of how to attract, motivate, and retain talent internationally. Consider Planet-Intra.com Ltd., a year-old software company that is...
-
LockTite (LT) has introduced a just-in-time production process and is considering the adoption of lean accounting principles to support its new production philosophy. The company has two product...
-
The Navarre Company had a fire on February 10, 2014, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information: Sales, January 1 to February...
-
How many days does the defendant have to remove an action to federal court after the defendant receives notice of the plaintiffs state court complaint?
-
Swenson Saws produces bow, frame, dovetail, and tenon Saws used by craft furniture makers. During an 8-hour shift, a Saw is produced every 6 minutes. The demand for bow, frame, and dovetail Saws is...
-
Outline the Tax Practitioners Board (TPB) requirements for BAS agents: a. registration requirements b. scope of services relating to payroll systems a. Registration requirements for BAS agents b....
-
Consider the following 0x86 program: .data array DWORD 1,2,3,4,5,6,7,8,9 array Size=($-array)/4 ; array .code main PROC mov ecx,arraySize-1 mov esi.OFFSET array L1: mov eax.[esi] cdg mov bx.2 idiy bx...
-
In this chapter, you saw an example of a naive forecast. Why do you think it is given that name? Describe how the naive forecast is developed.
-
Suppose that you work for a U.S. senator who is contemplating writing a bill that would put a national sales tax in place. Because the tax would be levied on the sales revenue of retail stores, the...
-
Multiple Choice Questions 1. To which of the following does fraud created by insider information period refer? a. The time frame management has to correct fraudulent information disclosed. b. The...
-
In 1929, U.S. GDP was, adjusted for inflation, $1,056.6 billion. The following year it was, also adjusted for inflation, $966.7 billion. What was the growth rate of U.S. in 1930? (Do not type the...
-
Table of Interest Rates: Time Period Oyly Oy2y 0v3y lyly 2yly Consider the following bond: Exactly 3 years to maturity 9.7% coupon rate, paid annually $100 par value Bond is callable in exactly 1...
-
An amount of $13,500.00 is deposited into an account today, it is expected to mcrease to a maturity value of $15,349.34 in 6.5 years from now. What is the nominal interest rate compounded quarterly?...
-
Royal Lawncare Company produces and sells two packaged products Weed ban and Green grow. Revenue and cost information relating to the products follow: Product Weed ban Green grow Selling price per...
-
A 50 cm x 30 cm x 20 cm block weighing 150 N should be moved at a constant speed of 0.8 m/s up an oblique plan with a coefficient of friction f= 0.27. a) Determine the force F required in the...
-
Aurora Electrical Company of Yellowknife ships wind turbines throughout the country. Mr. Beam, the financial manager, has determined that through the establishment of local collection centres around...
-
Apply Jacobis method to the given system. Take the zero vector as the initial approximation and work with four-significant-digit accuracy until two successive iterates agree within 0.001 in each...
-
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. How much of the casualty loss will be deductible by Wilson under the following circumstances? a....
-
Benton Company (BC) has one owner, who is in the 33% Federal income tax bracket. BCs gross income is $395,000, and its ordinary trade or business deductions are $245,000. Compute the Federal income...
-
In the current year, Tanager Corporation (a C corporation) had operating income of $480,000 and operating expenses of $390,000. In addition, Tanager had a long-term capital gain of $55,000 and a...
-
The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 2017, 2016, and 20YS: December 31 December 31 December 31 20Y7 20Y6 20Y5 Total assets $321,000...
-
2. A new computer costs $1,500. It loses 5% of its value each year after it is purchased. Determine the value of the computer after 24 months. You must include an equation with your solution. /4
-
A horsepower is 550 ft-lb/s. A watt is 1 N-m/s. Determine how many watts are generated by the engines of the passenger jet if they are producing 7000 horsepower.
Study smarter with the SolutionInn App