Statistics - Total Error and Mean Squared Error
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Use the following to answer the questions:
Week Revenue Forecasted Revenue
_________________________________________________________________
1 200 225
2 240 220
3 300 285
4 270 290
5 230 250
6 260 240
7 210 250
8 275 240
1] Compute the total error (sum of the error terms).
2] Compute the mean squared error (deviation).
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A Complete, Neat and Step-by-step Solution is provided in the attached Excel file.
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Error = Revenue - Forecast Revenue. Total error is the sum of this column. [I have used the SUM function of Excel to get the total Error. Go to ...
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