Given the following data compute the MAE for the forecasts R

Given the following data, compute the MAE for the forecasts. Round your answer to two decimal places. For example, if your answer is 3, enter 3.00. Year Actual Demand Forecast 2001 16 21 2002 19 19 2003 18 22 Your Answer: Question 23 options:

Solution

Year Actual demand Forecast Forecast error Absolute value of forecast error

2001 16 21 -5 5

2002 19 19 0 0

2003 18 22 -4 4

Total 9   

MAE = Total absolute forecast error / n

= 9 / 3

= 3