As a supply chain manager for a company, you are tasked with forecasting the demand for...

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As a supply chain manager for a company, you are tasked with forecasting the demand for a particular product. To assess the accuracy of your forecasting model, you decide to calculate the Mean Absolute Percent Error (MAPE) for the past seven months. Below is the data representing the actual demand and forecasted demand for each month: Month 1 2 3 4 01 5 6 7 Actual Demand 1000 900 1300 1100 2000 1500 1600 Forecasted Demand 1100 1200 1400 700 1700 1200 1500 What is the Mean Absolute Percent Error (MAPE) for the seven-month period? As a supply chain manager for a company, you are tasked with forecasting the demand for a particular product. To assess the accuracy of your forecasting model, you decide to calculate the Mean Absolute Percent Error (MAPE) for the past seven months. Below is the data representing the actual demand and forecasted demand for each month: Month 1 2 3 4 01 5 6 7 Actual Demand 1000 900 1300 1100 2000 1500 1600 Forecasted Demand 1100 1200 1400 700 1700 1200 1500 What is the Mean Absolute Percent Error (MAPE) for the seven-month period?

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To calculate the Mean Absolute Percent Error MAPE you need to follow these steps Calculate the absol... View the full answer