Forecast Bias Measures the Average Amount of Error Per Forecast

question 109

True/False

Forecast bias measures the average amount of error per forecast, so a positive value means that forecasts tended to be too low.

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Definitions:

Regression Line

A statistical tool used in linear regression to model the relationship between two variables by fitting a line through the data points that best represents the dependence of one variable on the other.

Dependent Variable

A variable in statistical modeling or experimental design that is expected to change as a result of manipulations to the independent variable.

Slope

In mathematics, the slope describes the steepness, incline, or grade of a line, defined as the ratio of the vertical change to the horizontal change between two points on the line.

Intercept

The point on a graph where a line or curve crosses an axis, often used to determine where a function or equation equals zero.