7. Forecasting errors in operations management | Business forecasting

Forecasting errors in operations management | Business forecasting
This is the seventh video of the lecture series "Business Forecasting". This video is about forecasting accuracy measurement. Accuracy is the measure of central tendency while precision is related to spread. Various measures of accuracy e.g., #MFE, #MAD, #MSE, #MAPE, #MPE, and #TrackingSignal have been used. The implementation is shown in #msexcel. Which measure is to be used when is also discussed.
#demand #forecast #qualitative #quantitative #timeseries #trend #level #seasonal #accuracy #precision #bias #meanforecasterror #meanabsolutedeviation #meanabsolutepercentagedeviation #trackingsignal
‪@classicquants778‬
The previous module:
Optimization using Excel: • Optimization using Excel
How do I find the mean absolute deviation?
Take each number in the data set, subtract the mean, and take the absolute value. Then take the sum of the absolute values. Now compute the mean absolute deviation by dividing the sum above by the total number of values in the data set.
What Is MAPE?
MAPE = (1 / sample size) x ∑[( |actual - forecast| ) / |actual| ] x 100.
In statistics, a forecast error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest.

[@SAMPREETROY-g1p]

sir these video are goldmine for me. I am a second year MBA student from Great Lakes Chennai and I am greatly benefitted from your videos. Just got to know that you are yourself an XLRI alum. Will share your channel with my batchmates, they will also be benefitted and hopefully you will gain some reach

[@kanchansarkar7527]

Hello i need the excel file you are working with

[@kanchansarkar7527]

Sir please