One measure of the accuracy of a forecasting model is the ______.
A) smoothing constant
B) trend pattern
C) mean absolute error
D) seasonal index

Question

Quizplus · Accepted Answer

Mean absolute error measures the average difference between the actual values and the predicted values in a forecast model, making it a good measure of accuracy. The other options mentioned, such as smoothing constant and seasonal index, are components of forecasting models but do not necessarily indicate accuracy on their own. Trend pattern can also be a component of a forecasting model, but it alone is not a measure of accuracy.

One Measure of the Accuracy of a Forecasting Model Is