Asked by Dayne Krachey on May 29, 2024
Verified
The most commonly used measures of forecast accuracy are the:
A) mean absolute deviation and the sum of squares for forecast errors
B) sum of squares for forecast error and seasonal indexes
C) seasonal indexes and the percentage of trend
D) all of these choices are correct
Forecast Accuracy
The degree to which forecasted values correspond with actual values over a specified period.
Mean Absolute Deviation
Mean absolute deviation measures the average absolute distances between each data point in a set and the set's mean, providing an overview of variability.
Sum of Squares
A statistical technique used to describe the total variation in a dataset, which is the sum of the squared differences from the mean.
- Identify the conceptual and applied dimensions of various forecast accuracy metrics.
Verified Answer
Learning Objectives
- Identify the conceptual and applied dimensions of various forecast accuracy metrics.
Related questions
The Mean Absolute Deviation Is the Summation of the Residuals ...
The Mean Absolute Deviation Averages the Absolute Differences Between the ...
When Brianna Calculates Her Forecasts, She Uses a Type of ...
Using the Given Data,determine the Value of the Mean Absolute ...
For the Given Data,what Is the Value of the Root ...