The Mean Absolute Error, Mean Squared Error, and Mean Absolute

question 31

Multiple Choice

The mean absolute error, mean squared error, and mean absolute percentage error are all methods to measure the accuracy of a forecast. These methods measure forecast accuracy by

• A)determining how well a particular forecasting method is able to reproduce the time series data that are already available.
• B)using the current value to estimate how well the model generates previous values correctly.
• C)predicting the future values and wait for a pre-defined time period to examine how accurate the predictions were.
• D)adjusting the scale of the data.

---

Definitions:

Marketing Research Approach

A systematic process of gathering, analyzing, and interpreting information to aid in marketing decisions.

Develop Research Plan

The process of creating a structured approach outlining the methods and procedures for collecting and analyzing data to address specific research questions or hypotheses.

Descriptive Research

A type of research that aims to accurately and systematically describe a population, situation, or phenomenon.

Descriptive Research

A type of research that aims to accurately describe characteristics or functions of a specific group, situation, or phenomenon.