A summary statistical measure frequently used when forecasting exchange rates is known as the

Question

Quizplus · Accepted Answer

The mean absolute error (MAE) is frequently used in forecasting as a measure of model accuracy. MAE determines the average magnitude of errors in predicting values. It is the average of the absolute difference between actual and predicted values. The other options, Standard deviation, Mean, and mode are not useful as summary statistical measures for forecasting exchange rates.

A Summary Statistical Measure Frequently Used When Forecasting Exchange Rates