forecast errors

Which Forecast Error Measure Provides An Error Percentage?

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Which Forecast Error Measure Provides An Error Percentage? The MAPE (Mean Absolute Percent Error) measures the size of the error in percentage terms. It is calculated as the average of the unsigned percentage error, as shown in the example below: Many organizations focus primarily on the MAPE when assessing forecast accuracy. Is forecast error a

Which Measurement Of Error Can Be Used To Detect Forecast Bias?

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Which Measurement Of Error Can Be Used To Detect Forecast Bias? A typical measure of bias of forecasting procedure is the arithmetic mean or expected value of the forecast errors, but other measures of bias are possible. For example, a median-unbiased forecast would be one where half of the forecasts are too low and half