Calculating MAPE
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In Period 1, the predicted value of the Mexican peso was $0.13 and the realized value was $0.14. In period 2, the predicted value was $0.14 and the realized value was $0.12. In period 3, the predicted value was $0.13 and the realized value was $0.15. Calculate the mean absolute forecast error as a percentage of the realized value. Show how you derive your answer.
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Solution Summary
Solution depicts the steps to estimate the MAPE in the given case.
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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