Asked by justin woessner on Jun 26, 2024
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Mean Squared Error and Coefficient of Correlation are two measures of the overall error of a forecasting model.
Mean Squared Error
A measure of the average squared difference between the estimated values and what is estimated, often used in statistics and machine learning to assess the accuracy of models.
Coefficient of Correlation
A statistical measure that indicates the extent to which two variables fluctuate together. A higher coefficient suggests a stronger relationship.
Overall Error
Overall Error encompasses the total inaccuracies or deviations from a standard or expected outcome, combining both systematic and random errors.
- Comprehend the correlation between a forecasting model's standard error and its precision.
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Learning Objectives
- Comprehend the correlation between a forecasting model's standard error and its precision.
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