Which of the following statistical measures is(are) used to help decision makers assess the potential for their model to provide usable forecasts?
A) mean square error
B) mean absolute deviation
C) mean absolute percentage error
D) forecast errors
E) all of the above

Question

Quizplus · Accepted Answer

All of the above statistical measures are used to help decision makers assess the potential for their model to provide usable forecasts. Mean square error, mean absolute deviation, and mean absolute percentage error are all measures of the accuracy of a forecast model. Forecast errors are simply the difference between the actual values and the predicted values, which are important to track and analyze in order to improve the forecast model.

Which of the Following Statistical Measures Is(are) Used to Help