Forecast Error

question 42

Multiple Choice

Forecast error:

• A) takes a positive value when the forecast is too high.
• B) cannot be negative.
• C) cannot take a value of zero.
• D) is associated with measuring forecast accuracy.

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Definitions:

Sample Space

The set of all possible outcomes in a statistical experiment.

Conditional Probability

The probability of an event occurring, given that another event has already occurred.

Mutually Exclusive Events

Two or more events that cannot occur at the same time in any given experiment or scenario, implying no overlap in their outcomes.

Intersection of Events

The set of outcomes that are common to two or more events in probability, representing occurrences that satisfy all event conditions simultaneously.