None You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you todetermine which currency was forecasted with greater accuracy. Do not round intermediate calculations. Round your answers to two decimal places.PeriodYen ForecastActual YenValuePoundForecastActual PoundValue1$0.0053$0.0056$1.47$1.562$0.0052$0.0054$1.54$1.573$0.0055$0.0051$1.51$1.584ps$0.0054$0.0053$1.55$1.50The mean absolute forecast error as a percentage of the realized yen value is%-psThe mean absolute forecast error as a percentage of the realized pound value is%.Because the mean absolute forecast error as a percentage of the realized pound value is Select than that of the yen,the -Select- was forecasted with greater accuracy.

The Mean Absolute Forecast Error (MAFE) is a tool used to measure the accuracy of a forecasting…

You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy. Do not round intermediate calculations. Round your answers to two decimal places. Actual Yen Value Period 1 Yen Forecast Pound Forecast Actual Pound Value $0.0053 $0.0056 $1.47 $1.56 2 $0.0052 $0.0054 $1.54 $1.57 3 $0.0055 4 $0.0054 $0.0051 $0.0053 $1.51 $1.58 $1.55 $1.50 The mean absolute forecast error as a percentage of the realized yen value is %. The mean absolute forecast error as a percentage of the realized pound value is %. Because the mean absolute forecast error as a percentage of the realized pound value is Select than that of the yen, the Select was forecasted with greater accuracy.

You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy. Do not round intermediate calculations. Round your answers to two decimal places. Actual Yen Value Period 1 Yen Forecast Pound Forecast Actual Pound Value $0.0053 $0.0056 $1.47 $1.56 2 $0.0052 $0.0054 $1.54 $1.57 3 $0.0055 4 $0.0054 $0.0051 $0.0053 $1.51 $1.58 $1.55 $1.50 The mean absolute forecast error as a percentage of the realized yen value is %. The mean absolute forecast error as a percentage of the realized pound value is %. Because the mean absolute forecast error as a percentage of the realized pound value is Select than that of the yen, the Select was forecasted with greater accuracy.

Essentials Of Business Analytics

1st Edition

ISBN:9781285187273

Author:Camm, Jeff.

Publisher:Camm, Jeff.

Chapter4: Linear Regression

Section: Chapter Questions

Problem 21P: Consider again the example introduced in Section 4.5 of a credit card company that has a database of...

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