Accuracy in forecasting can be measured by:
A)MSE
B)MRP
C)MAPE
D)MTM
E)A & C

Question

Quizplus · Accepted Answer

MSE (Mean Squared Error) and MAPE (Mean Absolute Percentage Error) are both common measures of accuracy in forecasting. MSE measures the average squared difference between the forecasted values and the actual values, while MAPE measures the average percentage difference between the forecasted values and the actual values.

MRP (Material Requirements Planning) and MTM (Methods Time Measurement) are not measures of accuracy in forecasting and are not relevant to this question.

Therefore, the best choice(s) are A and C, which can be combined into answer choice E.

Accuracy in Forecasting Can Be Measured By