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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
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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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 45 Q4 39 61 45 O MAPE1 is 50.7% and MAPE 2 is 21.7%, the second method is more accurate O 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 O MAPE1 is 50.9% and MAPE 2 is 63.8%, the first method is more accurate
Transcribed Image Text: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 45 Q4 39 61 45 O MAPE1 is 50.7% and MAPE 2 is 21.7%, the second method is more accurate O 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 O MAPE1 is 50.9% and MAPE 2 is 63.8%, the first method is more accurate
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