The Actual Demand and the Forecasted Demand for a Product

question 148

Multiple Choice

The actual demand and the forecasted demand for a product were as follows: Compute the MAPE.

• A) 0.77%
• B) 7.7%
• C) 0.23
• D) 23
• E) None of these.

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Definitions:

Local Market

A market that exists within a specific geographical area, often characterized by face-to-face transactions and the availability of locally produced goods.

Abdominopelvic Cavity

A body cavity consisting of two connected spaces, the abdominal cavity and the pelvic cavity, housing major organs of digestion, reproduction, and excretion.

Thoracic Cavity

The chamber of the human body located between the neck and the abdomen, encased by the ribs, sternum, and vertebral column; it contains the lungs and heart.

Serous Membrane

A thin layer of tissue that lines certain internal cavities of the body, producing a lubricating fluid to reduce friction from muscle movement.