Which One of the Following Is Most Useful for Measuring

question 76

Multiple Choice

Which one of the following is most useful for measuring the bias in a forecast?

• A) cumulative sum of forecast errors
• B) standard deviation of forecast errors
• C) mean absolute deviation of forecast errors
• D) percentage forecast error in period t

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set differ from the mean.

Elementary School

An educational institution where children receive the first stage of compulsory education known as primary or elementary education.

Standard Deviation

A statistic that measures the dispersion of a dataset relative to its mean, used to quantify the amount of variation or spread in a set of data values.

Sampling Distribution

A statistical distribution that outlines the probabilities of a certain statistic coming from a random sample.