Error Measurement

Solving problems is continuous especially in manufacturing/service processes to ensure integrity, efficiency, and thus profitability. Today’s solution methodologies would not have been possible without the input of Charles Bicking. A pioneering statistician, Charles Bicking the 1967 Shewhart Medal Award winner, provided an initial basis for methodologies of problem-solving by addressing six graphic methods (Bicking, 1983). […]

Researched and Presented by: Christopher Thompson Which forecast error measuring tool is the best? Of the four error tracking tools we have learned about today (MAD, MSE, MAPE and seasonality), which method provides the best way to track forecast error? Give examples. Mean Absolute Percent Error (MAPE) A problem with both the MAD and MSE