The Measure of Forecasting Error That Tells the Average Error

question 1

Short Answer

The measure of forecasting error that tells the average error in a forecast is known as ________.

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Definitions:

Begins

The start or initiation of a process, activity, or event.

Classical Probability

A theory of probability based on equally likely outcomes, where the probability is determined by the ratio of favorable outcomes to the total number of possible outcomes.

Theoretical Arguments

Reasonings or propositions based on abstract principles and logic, often used in scholarly or analytical discussions to explain or predict phenomena.

Historical Data

Records of past events and conditions, used as a reference for research, analysis, planning, or forecasting.