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If a forecaster wanted to choose a forecasting model that avoided having a large forecasting error in any given period, which error metric should they use when evaluating their forecasting options? CFE AFE MAD МАРЕ MSE

If a forecaster wanted to choose a forecasting model that avoided having a large forecasting error in any given period, which error metric should they use when evaluating their forecasting options? CFE AFE MAD МАРЕ MSE

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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If a forecaster wanted to choose a forecasting model that avoided having a large forecasting error in any given period, which error metric should they use when evaluating their forecasting options? - ○ CFE - ○ AFE - ○ MAD - ○ MAPE - ○ MSE This question presents options for selecting an error metric in forecasting to minimize large errors. The options include different error metrics commonly used in evaluating forecasting models. Each metric measures error differently, providing insights into the performance and reliability of the forecast.
Transcribed Image Text:If a forecaster wanted to choose a forecasting model that avoided having a large forecasting error in any given period, which error metric should they use when evaluating their forecasting options? - ○ CFE - ○ AFE - ○ MAD - ○ MAPE - ○ MSE This question presents options for selecting an error metric in forecasting to minimize large errors. The options include different error metrics commonly used in evaluating forecasting models. Each metric measures error differently, providing insights into the performance and reliability of the forecast.
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