In forecasting,what is the Mean Absolute Percent Error (MAPE)?
A)It is the difference between the forecast and actual demand.
B)It is the average,absolute difference between the forecast and actual demand.
C)It is the absolute error as a percentage of demand.
D)It is the per-period average of cumulative error.

Question

Quizplus · Accepted Answer

MAPE measures the size of the error in percentage terms. It is calculated as the average of the absolute differences between the forecasted and actual values, divided by the actual values, to express the error as a percentage of the actual value.

In Forecasting,what Is the Mean Absolute Percent Error (MAPE)