Calculate the mean absolute percentage error, Basic Statistics

Assignment Help:

Littlefield Laboratories is a state-of-the-art highly automated blood samples testing lab. The demand of blood sample testing for the previous 20 days (day 1 to day 20) are given in the EXCEL file "LF demand.xls" on Blackboard. You are asked to perform demand forecast for day 22. There are two steps to that end. First you need to choose a "best" forecasting model and, second, use that model to forecast demand on day 22. The manager does not specify which forecasting model you should use, so you need to compare different forecasting models to determine the appropriate one to use. You consider the following four models.

1215_Calculate the Mean Absolute Percentage Error.png

To see which model works the best, you need to compare their forecast accuracy for demand in the past. In other words, you compare their forecast accuracy for days 5 to 20 (comparing days 5 to 20 because you can derive forecasts for every model starting on day 5).

a. Please calculate forecasts and MAPE of each of the four forecasting models for days 5 to 20.

b. Please plot actual demand for days 1 to 20, forecasts of moving average for days 5 to 20 on the same chart in EXCEL. You should see that forecasts of moving average lag behind the trend.

c. Which forecasting model generates the smallest MAPE? You will pick that model to forecast demand for day 22 because historically it produces the smallest forecast error. Please forecast demand for day 22 using the model with the smallest MAPE.


Related Discussions:- Calculate the mean absolute percentage error

Momentum and energy, Momentum and Energy Statement 1: If there is a defin...

Momentum and Energy Statement 1: If there is a definite force there is a definite displacement, which means that work is done definitely by the force. And Statement 2: The wor

Correlation analysis and coefficient, Individual Music scores Mathematics s...

Individual Music scores Mathematics scores Angela 2 8 Arthur 6 3 Peter 4 9 Mike 5 7 Barbara 7 2 Jane 7 3 Jean 2 9 Ruth 3 8 Alan 5 6 Theresa 4 7 Assess the data using a Correlation

Hypothesis and spss, The purpose of this activity is to help you learn how ...

The purpose of this activity is to help you learn how to enter data into SPSS by yourself.  You will use SPSS via Acadlabs.  You will discuss this activity in your group and will t

Yujhug, An electron, an alpha-particle and a proton have the same kinetic e...

An electron, an alpha-particle and a proton have the same kinetic energy. Which one of these particles has the largest de-Broglie wavelength ?

Distribution values, find a distribution with 10 values between 0 and 10 th...

find a distribution with 10 values between 0 and 10 that has as large a variance as possible

Calculate and interpret the measures of dispersion for data, You are workin...

You are working for the management of ESK Jewellery as a marketing consultant. The main business of ESK Jewellery is the retailing of diamond jewellery. They opened their first sho

Sigma notation, Given the following pairs of random variables and comput...

Given the following pairs of random variables and compute the following sums. (NB: show your working table). 3 -7 2 10 6 11 10 12 15 14 (b) (c) (d) ?¦?2y

Arithmetic mean, How do I find the mean when the question is in a table for...

How do I find the mean when the question is in a table format?2 rows with 8 columns, Do I name them X and Y then do them?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd