Operations Management (Basic) - Operations Management 101: How to Measure Forecast Error
Master Operations Management: Boost Productivity, Optimize Workflows, Forecast with Precision!
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7 learners
What you'll learn
Understand and calculate basic productivity metrics.
Create and analyze workflow network diagrams for process optimization.
Perform critical path analysis to manage project timelines effectively.
Apply total quality management techniques using Excel for quality improvement.
In this video, I cover the basics of how to measure Forecast Error in Time Series Forecasting. We examine graphs of the Simple Moving Average, Weighted Moving Average, and Exponential Moving Average forecasts and then calculate three forecast errors (MAD, MSE, and MAPE) for all three models. In this example, we will be using college enrollment data to test the SMA, WMA, and EMA and their respective errors to determine which model is the most accurate in its predictions.
My playlist table of contents, Video Companion Guide PDF documents, and file downloads can be found on my website: https://www.bcfoltz.com
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