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

Measure of dispersion, What are the applications of measure of dispersion i...

What are the applications of measure of dispersion in civil engineering?

HYPOTHESIS, HOW TO FIND NULL HYPOTHESIS

HOW TO FIND NULL HYPOTHESIS

Probability, Mike sells on the average 15 newspapers per week (Monday – Fri...

Mike sells on the average 15 newspapers per week (Monday – Friday). Find the probability that 2.1 In a given week he will sell all the newspapers

Cost management, if sales is 6800 and variable costs are 2856 what is the v...

if sales is 6800 and variable costs are 2856 what is the variable cost percentage?

Pie diagram, A survey was conducted among the residents of Pune City, its s...

A survey was conducted among the residents of Pune City, its suburbs and the Pune Cantonment area. The following three pie diagrams show their respective preferences for living in

Current development project and presentation , review the financial disclos...

review the financial disclosures for two publicly traded companies. Identify recently promulgated (or proposed) accounting pronouncements that have an impact on the companies. In a

Precious harper, October Transactions Date Transaction Description Oct. 1 ...

October Transactions Date Transaction Description Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value com

Normal distribution, For a normal distribution why do we calculate the prob...

For a normal distribution why do we calculate the probability of a range of numbers instead of the probability of a single number?

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

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