Want To Know More About STAT4371 Mean Absolute Percent Error (MAPE)?

STAT4371 Mean Absolute Percent Error
February 08, 2021
Author : Warren Armstrong

Within the paradigm of statistical studies, there are several tools and methods that make it simpler for students to approach complex problems. However, it needs a comprehensive understanding of the basic concepts to be proficient with those tools and calculation methods. This is where most of the students get perplexed. Releasing this, our statistics assignment help experts have conducted relevant research to equip students with instant guidance on them.

Over the years, we have covered ample assignment topics in statistics and provided valuable reference assignment solutions to students right at their doorstep. We possess extensive knowledge on topics like mean absolute percent error (MAPE), Neumann’s ratio, Brown’s smoothing method, and more.

The Australian Bureau of Statistics is the largest body that looks into all the statistical analysis in this region. It helps the individuals in making informed decisions. With the help of the national statistical service (NSS), it has been easier to do the research and find the answers to all the real-life questions.

In this blog, we will be dealing with these methods so that you can easily apply them when you come across a statistics assignment. Over the years, we have made it possible for them to complete these technical assignments on time and secure stellar results. In case you have any questions, simply hand them over to us and we will prepare instant answers and deliver them to you right away. To understand the concept of MAPE, it is mandatory for you to polish your knowledge on the other associated aspects. Let us help you with this.

definition of forecast error

What Is Neumann's Ratio?

Before going ahead, it is important for you to grasp some basic knowledge of Neumann’s ratio for it is an integral part of statistics. In these years, our statistics assignment help experts have got several assignment questions on this concept. Fortunately, our industry veterans have already got it covered for your reference.

In 1941, there was a famous statistician known as Von Neumann who proposed the mean square ratio. It is known as the Neumann’s ratio. This is one of the most used ratios in most of the assignments of statistics. Over the years, we have catered to several queries of students on this topic. So, if you have any of your assignments that are based on this ratio, you can simply let us know your query. It would not take more than a few moments for us to provide you with the solutions.

What is Brown's Smoothing (DSE) Method?

Coming to the next method in statistical analysis, brown’s smoothing method, also known as the double simple exponential (DSE) smoothing method. This is mostly used where there is a need to create a linear equation. Here, in this method, two forecasts take place that are used to make adjustments in the linear trend within the given data set.

There are some similarities with the double exponential smoothing forecasts, however, the difference lies in the fact that the latter method adds parameters to the given equation. The forecasts can easily be expressed in the form of a function of both the smoothed constants, this process is known as the double exponential smoothing.

Do you know how to use this statistical method in your assignments? Here are the 5 steps that are used by our statistics assignment help experts.

  1. The first step is to click on the forecast method tab
  2. Then, our experts proceed and go through the list of methods. From there, we select double exponential smoothing brown. Here, this technique appears as shown in the image below.

forecast default scenario

  1. To activate the parameters, the next step is to enable the edit parameters
  2. Now, the task is to enter the total number of levels from the section which says “smoothing constants” for use in the forecast
  3. Simply click on the finish option and you will see linear trends displayed on the screen.

With this easy guide to using the DSE method in statistics, the task will surely become simpler for you. In case you are still not clear with any of the steps, you can approach our statistics assignment help writers. We will guide you through all your problems and furnish you with the answers within a jiffy!

What is Mean Absolute Percent Error (MAPE)?

Coming to the MAPE method in statistics, the other two methods that have been discussed act as the requisite for gaining a comprehensive outlook on this vast statistical method. Therefore, before using the mean absolute percent error method, make it a point to recapitulate yourselves with Neumann’s ratio and brown’s smoothing method.

MAPE is a measure in statistics to know how accurate a given system is used for forecasting is. This accuracy is measured in the form of a percentage. The formula for calculating MAPE is as follows:

calculating MAPE

Where,

At is the actual value and

Ft is the forecast value.

N is the total number of observations

It is one of the most common ways of finding the error in a forecasting system. However, the results of this method are the most accurate only when there are no extremes and no zeroes to the given set of data.

We hope it is clear now. Just like this, we have covered a variety of similar topics and concepts in statistics. Our statistics assignment help experts have provided reliable academic guidance on all of these aspects that form a major part of the assignments that students bring to us. Fortunately, our industry veterans are thorough with all these statistical methods which make us the best panel of professionals to cater to all your queries.

In addition to this, we have maintained a storehouse of relevant assignment samples on these methods that you can hover over to gain clarity on them. Not just this, through our reference assignment samples, you can also know the most important statistics questions and be prepared with them beforehand. We are available 24*7 via the live one-on-one sessions to provide you with instant answers, whenever you get stuck at any point.

define forecast accuracy

How Our Statistics Assignment Experts Help Students In Combating The Tedious Calculations That Come Their Way While Solving Statistical Problems?

Over the last decade, we have tried our hands over a variety of questions that were given to students. With an experience of over ten years now, our statistics assignment help experts have become proficient in handling the calculations with ease and solve them without any errors. My Assignment Services is a name that is trusted by hundreds of thousands of students all over the world.

With our grades-driven experts, we have marched forwards with pride, dodging off all the technicalities of these assignments for students. Our team of academic experts possesses high scholarly degrees in statistics from a wide range of universities across the country and the world. This enables us to cater to each of the queries of students within a jiffy!

In addition to this, there’s a lot that you can grab from our statistics assignment help experts.

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About the Author

Warren Armstrong

Warren Armstrong is a professional statistician who has worked with the Australian Bureau of Statistics for a long time, then became a private tutor before he was a statistics assignment writing expert at My Assignment Services. He has published several works in the field of statistics before shifting to assignment guidance. He offers help and consultation to the students for writing their assignment in the form of tips, explanation of complex topics, resolving queries and providing live sessions. Warren has helped a number of students with their assignments.

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