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What is the value of the mean absolute percentage error

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Reference no: EM132405209

Question :

1. If the forecasted value of the time series variable for period 2 is 22.5 and the actual value observed for period 2 is 25, what is the forecast error in period 2?

2. Suppose for a particular week, the forecasted sales were 4,000. The actual sales were 3,000. What is the value of the mean absolute percentage error?

Reference no: EM132405209

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