Which of the following is used to describe the degree of forecast error? a. Median and Mode b. Mean absolute percent error c. Moving average d. Weighted moving average e. Forecast as a percent of actual

Which of the following is used to describe the degree of forecast error? a. Median and Mode b. Mean absolute percent error c. Moving average d. Weighted moving average e. Forecast as a percent of actual

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.6: Moving Averages Models

Problem 19P: The file P13_19.xlsx contains the weekly sales of a particular brand of paper towels at a...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Which of the following is used to describe the degree of forecast error?

a. Median and Mode

b. Mean absolute percent error

c. Moving average

d. Weighted moving average

e. Forecast as a percent of actual

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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