Two forecasting methods were used to forecast the next 12 quarters. The forecasts and actuals for each quarter are given in the table below. Compute the Mean Absolute Percentage Error for each method (to one decimal point). Which statement is correct? Actuals Method 1 Method 2 Q1 57 61 45 Q2 41 61 45 Q3 32 61 Q4 39 61 45 O MAPE1 is 50.7% and MAPE 2 is 21.7%, the second method is more accurate MAPE1 is 56.4% and MAPE 2 is 15.4%, the second method is more accurate O MAPE1 is 30.7% and MAPE 2 is 19.4%, the second method is more accurate MAPE1 is 50.9% and MAPE 2 is 63.8%, the first method is more accurate 15
Two forecasting methods were used to forecast the next 12 quarters. The forecasts and actuals for each quarter are given in the table below. Compute the Mean Absolute Percentage Error for each method (to one decimal point). Which statement is correct? Actuals Method 1 Method 2 Q1 57 61 45 Q2 41 61 45 Q3 32 61 Q4 39 61 45 O MAPE1 is 50.7% and MAPE 2 is 21.7%, the second method is more accurate MAPE1 is 56.4% and MAPE 2 is 15.4%, the second method is more accurate O MAPE1 is 30.7% and MAPE 2 is 19.4%, the second method is more accurate MAPE1 is 50.9% and MAPE 2 is 63.8%, the first method is more accurate 15
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.7: Exponential Smoothing Models
Problem 25P: The file P13_25.xlsx contains the quarterly numbers of applications for home mortgage loans at a...
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