HTM 3120 Lecture Notes - Lecture 16: Mean Squared Error, List Of Knot Terminology

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 3120
• Professor: Mark Holmes

Document Summary

Weekly topics: measuring forecasting error, sum of the absolute deviations (sad, mean of the absolute deviations (mad, mean absolute percentage error (mape, mean forecast error (mfe, mean squared error (mse, forecasting techniques, exponential smoothing. Overview: understanding of the metrics that can be used to measure errors, examine and practice the calculation of forecasts using a variety of strategies. The number of potential buyers with the interest and ability to purchase the products sold by a business at the specific price offered. Rule #1: every forecast is wrong!!! (especially if it"s about the future) How wrong can you be? (measuring forecast error: absolute deviation, sum of the absolute deviations (sad, mean of the absolute deviations (mad, mean absolute percentage error (mape, mean forecast error (mfe, mean squared error (mse) Absolute deviations: absolute deviation = | at ft | Actual - forecast: sum of the absolute deviations.