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The relative size of errors is shown by: Residuals O MSE O Bias O MAD O MAPE

The relative size of errors is shown by: Residuals O MSE O Bias O MAD O MAPE

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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**Question:** The relative size of errors is shown by: - Residuals - MSE - Bias - MAD - MAPE **Explanation:** This multiple-choice question asks which metric shows the relative size of errors in a dataset or model predictions. Each option represents a different statistical measure: 1. **Residuals:** The difference between observed and predicted values. 2. **MSE (Mean Squared Error):** The average of the squares of the errors, showing the variance of the residuals. 3. **Bias:** The difference between the estimator's expected value and the true value of the parameter. 4. **MAD (Mean Absolute Deviation):** The average absolute deviation of data points from the mean, a measure of variability. 5. **MAPE (Mean Absolute Percentage Error):** The average percentage error between the observed and predicted values, indicating relative error size.
Transcribed Image Text:**Question:** The relative size of errors is shown by: - Residuals - MSE - Bias - MAD - MAPE **Explanation:** This multiple-choice question asks which metric shows the relative size of errors in a dataset or model predictions. Each option represents a different statistical measure: 1. **Residuals:** The difference between observed and predicted values. 2. **MSE (Mean Squared Error):** The average of the squares of the errors, showing the variance of the residuals. 3. **Bias:** The difference between the estimator's expected value and the true value of the parameter. 4. **MAD (Mean Absolute Deviation):** The average absolute deviation of data points from the mean, a measure of variability. 5. **MAPE (Mean Absolute Percentage Error):** The average percentage error between the observed and predicted values, indicating relative error size.
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