Suppose for a particular week, the forecasted sales were $4,000. The actual sales were $3,000. What is the value of the mean absolute percentage error?
Question
Solution 1
To calculate the Mean Absolute Percentage Error (MAPE), we first need to find the absolute error. The absolute error is the absolute value of the difference between the forecasted value and the actual value.
Step 1: Calculate the Absolute Error Absolute Error = |Forecasted Sales - Actual Sales| Ab Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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