Measuring Forecast Error in Time Series Forecasting using MSE, MAD, and MAPE techniques

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This lecture recording provides an overview of Measuring Forecasting Error. The Forecast Error is the difference between the observed value of the times series and the forecast. We will review three types of Forecast Errors, including Mean Absolute Deviation Error (MAD), Mean Square Error (MSE) and Mean Absolute Percentage Error (MAPE). Content derived from from the Textbook "Operations Management, Sustainability and Supply Chain" 13th edition by Jay Heizer, Barry Render and Chuck Munson. Chapter 4 on Forecasting.

  1. Operations & Supply Chain Management University
  2. MAD
  3. MAPE
  4. MSE
  5. 6s
  6. mean
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Комментарии
Автор

Thanks for uploading. Helped in detail about MAPE

monikapalaniappan
Автор

Maybe I wasn’t paying attention well enough idk, but how can you determine what Alpha should actually be. How do you know that calculated errors are correct and not just guessing. I’d be running numbers all day and not understand what answer is truly what im looking for.

ClashThenDash