A time series with forecast values and error terms is presented in the following table.The mean error (ME)for this forecast is ___.
A)-0.80
B)-1.00
C)-4.00
D)8.00
E)1.00

Question

A time series with forecast values and error terms is presented in the following table.The mean error (ME)for this forecast is ___. 
A)-0.80 
B)-1.00 
C)-4.00 
D)8.00 
E)1.00

Quizplus · Accepted Answer

To find the mean error (ME), we take the average of all the error terms. From the table, we can see that the total error is -6 and the total number of forecasted values is 6. Therefore, the ME is -6/6 = -1.0. Hence, the correct answer is B).

A Time Series with Forecast Values and Error Terms Is