Common Measures of Error

Common Measures of Error - Common Measures of Error Mean...

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1 Common Measures of Error Mean Absolute Deviation ( MAD ) MAD = |actual - forecast| n Mean Squared Error ( MSE ) MSE = ( forecast errors )2 n
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2 Common Measures of Error Mean Absolute Percent Error ( MAPE ) MAPE = 100 |actuali - forecasti|/actuali n n i = 1
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3 Comparison of Forecast Error Rounded Absolute Rounded Absolute Actual Forecast Deviation Forecast Deviation Tonnage with for with for Quarter Unloaded α = .10 α = .10 α = .50 α = .50 1 180 175 5 175 5 2 168 176 8 178 10 3 159 175 16 173 14 4 175 173 2 166 9 5 190 173 17 170 20 6 205 175 30 180 25 7 180 178 2 193 13 8 182 178 4 186 4 84 100
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4 Comparison of Forecast Error Rounded Absolute Rounded Absolute Actual Forecast Deviation Forecast Deviation Tonage with for with for Quarter Unloaded α = .10 α = .10 α = .50 α = .50 1 180 175 5 175 5 2 168 176 8 178 10 3 159 175 16 173 14 4 175 173 2 166 9 5 190 173 17 170 20 6 205 175 30 180 25 7 180 178 2 193 13 8 182 178 4 186 4 84 100 MAD = |deviations| n = 84/8 = 10.50 For α = .10 = 100/8 = 12.50 For α = .50
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Common Measures of Error - Common Measures of Error Mean...

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