Thank you for explaining this all so easily. This video really helped me with these concepts I was struggling in. One note: My textbook says MAPE needs to be represented not by dividing by N, but by N minus 1, or 11 in the video's case. So if anyone is also struggling, that could by it.
Most authors I know use n. I suspect there maybe some authors who use n-1. I used Evans' 5th Statistics, Data Analysis, and Decision Modeling. Here is a link to Wikipedia that also says use n. en.wikipedia.org/wiki/Mean_squared_error
Hi there, are there any ways to calculate QLike loss function on Excel? Thanks for your content. I achieved the same result for RMSE AND MSE with EViews.
You can model QLike loss function in Excel, though I do not have a video on it now. The thrust of my work is on showing students how to do basic business analytics with just Excel and only the add-ins that come standard with Excel. EViews is nice but expensive.
Thanks Dr indeed, can you supplement regarding evaluation performance range/class on each statistical indicator to demonstrate as an interpretation factor.
hello, I am writing a paper on "state-dependent fiscal multiplier in Sub-Saharan Africa (SSA) countries" I want to identify fiscal identification shocks by a forecast error approach. Data: annual data from 15 SSA countries I read in one paper how to compute a forecast error of a variable. forecasts of government spending are taken from October publications of the IMF’s WEO. Then, the fiscal spending shocks are identified as the forecast errors of government spending. Thus, FEi,t=gi,t(actual)-gi,t(forecast) where gi,t= Gi,t/Yi,t is government spending as a share of GDP. The actual government spending comes from the October WEO of the following year. i-refers to country and t refers to time. question? 1. can you help me in attaching the codes of the forecast error approach on excel?
Use SMAPE instead. ) values in the actual data distort MAPE. See the new version of the worksheet you can download www.drdawnwright.com/use-excel-to-calculate-mad-mse-rmse-mape/
I've been studying this all week and could not quite "get it", I watched this video and it clicked. Thank you so much!
Thank you for explaining this all so easily. This video really helped me with these concepts I was struggling in. One note: My textbook says MAPE needs to be represented not by dividing by N, but by N minus 1, or 11 in the video's case. So if anyone is also struggling, that could by it.
So helpful, especially for online summer classes, thanks!
Thanks for the positive feedback!
Thank you so much for the helpful and simple explanation Dr. Wright. This video was great! 😊
Thank you very much. This was very helpful to me.
i AM SOOOO GRATEFUL FOR THIS!
Hi, I would like to ask, does the MAD is similar with MAE? Because the formula looks the same.
Yes, Mean Absolute Error MAE and Mean Absolute Deviation MAD are the same. Different authors use different names .
@@TheStatsFilesDawnWrightPhD Thanks for the explanation and also the video!
It is a perfect explanation. Thank you.
Thank you so much, it was very easy to understand ...
Thanks for the positive feedback
Thank you so much for this video. It saved the day!!!
Thank you for the clear explanation, how to select the best method in forecats
Thank you for the positive feedback. Glad it helped.
Thank you for the video. I was taught that MSE is divided by n-1, as opposed to n. Is this correct?
Most authors I know use n. I suspect there maybe some authors who use n-1. I used Evans' 5th Statistics, Data Analysis, and Decision Modeling. Here is a link to Wikipedia that also says use n. en.wikipedia.org/wiki/Mean_squared_error
Saved my day! THANK YOU SO MUCH
Hi there, are there any ways to calculate QLike loss function on Excel? Thanks for your content. I achieved the same result for RMSE AND MSE with EViews.
You can model QLike loss function in Excel, though I do not have a video on it now. The thrust of my work is on showing students how to do basic business analytics with just Excel and only the add-ins that come standard with Excel. EViews is nice but expensive.
thanks for the reply. much appreciated
It is very clear. Thank you for this. Please extend this including how to interpret MAD, MAPE, RMSE
ua-cam.com/video/vxtxrcdmqbw/v-deo.html
Thanks Dr indeed, can you supplement regarding evaluation performance range/class on each statistical indicator to demonstrate as an interpretation factor.
Hallo, what if I have a 0 value as the actual? How to work this out? Thanks
You can use SMAPE when you have zero or near zero actuals.
Can we use forecast minus actual values?
Hi All, what if I have 0 sales but FC what would be then Absolute Value of the Error/ Act Value?
Great overview and Excel template setup; thank you!
MAPE should be in % or not?
MAPE is a percentage. You can reformat to show "%" if you like.
hello,
I am writing a paper on "state-dependent fiscal multiplier in Sub-Saharan Africa (SSA) countries"
I want to identify fiscal identification shocks by a forecast error approach.
Data: annual data from 15 SSA countries
I read in one paper how to compute a forecast error of a variable.
forecasts of government spending are taken from October publications of the IMF’s WEO. Then, the fiscal spending shocks are identified as the forecast errors of government spending. Thus,
FEi,t=gi,t(actual)-gi,t(forecast)
where gi,t= Gi,t/Yi,t is government spending as a share of GDP. The actual government spending comes from the October WEO of the following year. i-refers to country and t refers to time.
question?
1. can you help me in attaching the codes of the forecast error approach on excel?
how can i calculate Absolute Error?
very clear. you are the best . Thank you
what is ABS?
ABS is the Excel function which finds the Absolute Value.
How did you get forecast value?
You can use any method to calculate the forecast values, e.g. moving average, exponential.
Hi, how do we calculate Bias on Excel?
You can download the Excel worksheet here: www.drdawnwright.com/?p=15718
Thank you :)
this eksponential smooting ?
Yes, you can use these metrics to evaluate forecasts made using exponential smoothing.
MY FIRST ENCOUNTER WITH A CLEAR EXPLANATION TO THIS ITEM BOOKS AREN´ T EASY.COULD BE A GOOD INTERPRETATION OF THE DATA RESULTS ? BEST REGARDS ...
Love you bro, thx a lot
I'm trying to calcule WMAPE for some itens. How to proceed when At = 0 for some item?
Use SMAPE instead. ) values in the actual data distort MAPE. See the new version of the worksheet you can download www.drdawnwright.com/use-excel-to-calculate-mad-mse-rmse-mape/
very helpful thank you!
Can you share .xls for me? thanks brother...
As soon as I can find it - I made this video about a year ago - I will put a link here.
Very helpful, thank you!
Glad it was helpful!
Thanks for saving my ass/life! Hope you have a good day!!!
Great Thank you so much.
thanks .. you save my life :D
Thanks for the feedback. What other videos/topics would be helpful to you?
Top esse conteúdo. Muito obrigado!🙂
very nice work dear.. (y)
simply excellent!!!!
Thank you!!!!!!!! so helpful
Thanks!!!!
Handy work
Mean square error formula is wrong. The numerator should be divided by n-1 not n.
Check your sources. I think most authors divide by n.
Muchas Gracias!!!
Con mucho gusto!
Awesome !
Thanks!
I LOVE YOU
thank you
Thank you for the positive feedback!
great
formula of MSE is wrong, it is not 'n', it is 'n-1'
Please check your source. My references all use n and not n-1.
super! thanks!
thanks, my nigga!