Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone please explain the steps of how my professor got these answers? If the forecasted value of the time series variable for period 2

Can someone please explain the steps of how my professor got these answers?

  1. If the forecasted value of the time series variable for period 2 is 22.5 and the actual value observed for period 2 is 25, what is the forecast error in period 2?

Answer: 2.5

2.Suppose for a particular week, the forecasted sales were 4,000. The actual sales were 3,000. What is the value of the mean absolute percentage error?

Answer: 33.3%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Theresa Libby, Alan Webb

10th Canadian edition

978-1259024900

More Books

Students also viewed these Accounting questions