In comparing two or more forecasting models, the MAD value is useful in determining how successful the models were in fitting historical data.

Name: In comparing two or more forecasting models, the MAD value is useful in determining how successful the models were in fitting historical data.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

MAD, or Mean Absolute Deviation, measures the average magnitude of errors between the forecasts and the actual values, thus indicating the accuracy of the forecasting models in fitting historical data.

In Comparing Two or More Forecasting Models, the MAD Value