Question 3c: Based on the ME, MSE and MAPE for the 3 different methods shown in...

60.1K

Verified Solution

Question

General Management

Question 3c: Based on the ME, MSE and MAPE for the 3 differentmethods shown in the Rankings worksheet, which method would yourecommend. Define a weakness and strength of each method, based onthe ME, MSE and MAPE and total forecast of population for theyear.
3 different methodschosen
Regression HW Additive HW Multiplicative
ME 20876 4222 -895 Mean Error, but not MAD
RMSE 119540 102288 78353 MSE
MAPE 3.30% 2.60% 1.91% MAPE
Rank 3 2 1

Answer & Explanation Solved by verified expert

4.1 Ratings (882 Votes)

For ME HW Multiplicative HW Additive Regression For RMSE HW Multiplicative HW Additive Regression For MAPE HW Multiplicative HW Additive Regression So the best method is HW Multiplicative second best is HW See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

	3 different methodschosen
	Regression	HW Additive	HW Multiplicative
ME	20876	4222	-895	Mean Error, but not MAD
RMSE	119540	102288	78353	MSE
MAPE	3.30%	2.60%	1.91%	MAPE

Rank	3	2	1