**Problem Statement:**Given forecast errors of -5, -10, and +15, the Mean Squared Error (MSE) is:**Options:**- 116.67- 900- 0- 175- 350**Explanation:**To calculate the Mean Squared Error (MSE), you follow these steps:1. **Square each of the forecast errors:** - $(-5)^2 = 25$ - $(-10)^2 = 100$ - $(+15)^2 = 225$2. **Calculate the average of these squared errors:** \[ \text{MSE} = \frac{25 + 100 + 225}{3} = \frac{350}{3} = 116.67 \]Thus, the correct answer is **116.67**.

Find the Calculation methods below: MSE = Average of Error2Error2 = Forecast Error * Forecast Error…

Answered: Given forecast errors of -5, -10, and…

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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Given forecast errors of -5, -10, and +15, the MSE is: O 116.67 O 900 0 O 175 350