MAD, MSE, and MAPE Forecast Error Metrics Generally Give Similar

question 75

True/False

MAD, MSE, and MAPE forecast error metrics generally give similar numerical results so it doesn't matter which one is used.

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Definitions:

Least Squares Estimate

A method of estimating the parameters of a linear regression line by minimizing the sum of the squares of the differences between the observed and predicted values.

Y-intercept

The point where a line crosses the Y-axis of a graph, indicating the value of the dependent variable when the independent variable is zero.

Independent Variable

A variable in an experiment or study that is manipulated to observe its effect on a dependent variable.

SSE

Squared Error Sum, a statistical metric that quantifies the difference between observed data and a predictive model's estimates.