Suppose we are forecasting weekly sales for a specific item,…
Suppose we are forecasting weekly sales for a specific item, item X. Assuming the amount of information is available across stores, which of the following forecasts for item X would you expect to have the lowest mean absolute percentage error (MAPE)? A forecast for next week’s sales of item X at a particular store A forecast for the sales of item X at a particular store for the week after next week A forecast for next week’s total (aggregate) sales of item X across multiple stores in a region