An operation analyst is forecasting this year's demand for one of his company's products based on the following historical data: (4 year ago Quantity sold was 10842), (3 year ago Quantity sold was 11881 ), (2 year ago Quantity sold was 16064 ) and the last year Quantity sold was 19273 . The previous trend line had predicted 12250 for three years ago, 13000 for two years ago and 13750 for last year. What was the mean absolute percent error (MAPE) for these forecasts? a. 16.95 b. 2739 c. 0.17 d. 2985
An operation analyst is forecasting this year's demand for one of his company's products based on the following historical data: (4 year ago Quantity sold was 10842), (3 year ago Quantity sold was 11881 ), (2 year ago Quantity sold was 16064 ) and the last year Quantity sold was 19273 . The previous trend line had predicted 12250 for three years ago, 13000 for two years ago and 13750 for last year. What was the mean absolute percent error (MAPE) for these forecasts? a. 16.95 b. 2739 c. 0.17 d. 2985
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 8P: The management of a technology company is trying to determine the variable that best explains the...
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An operation analyst is forecasting this year's demand for one of his company's products based on the following historical data: (4 year ago Quantity sold was 10842), (3 year ago Quantity sold was 11881 ), (2 year ago Quantity sold was 16064 ) and the last year Quantity sold was 19273 . The previous trend line had predicted 12250 for three years ago, 13000 for two years ago and 13750 for last year. What was the mean absolute percent error (MAPE) for these forecasts?
a.
16.95
b.
2739
c.
0.17
d.
2985
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