Which of following approaches should forecasters follow while choosing the best forecasting method?
A)Select the method that results in the fewest forecasting errors.
B)Examine the performance of a single forecasting method over time.
C)Select the method that results in the largest forecasting errors.
D)There is no significance on the forecasting method selected since there will always be differences between the forecasts and actual values.

Question

Quizplus · Accepted Answer

Selecting the method that results in the fewest forecasting errors is a fundamental approach in forecasting. This approach aims to improve accuracy and reliability of forecasts by minimizing errors, which is crucial for effective decision-making.

Which of Following Approaches Should Forecasters Follow While Choosing the Best