An analyst tested a forecasting model and identified the following performance metrics. What do the results tell you about the errors in the forecasting model? Be as descriptive as possible, given the results.

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
1st Edition
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:HOUGHTON MIFFLIN HARCOURT
Chapter11: Data Analysis And Displays
Section11.1: Measures Of Center And Variation
Problem 34E
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An analyst tested a forecasting model and identified the following performance metrics. What do the results tell you about the errors in the forecasting model? Be as descriptive as possible, given the results.


Predictive Accuracy Measures
Average Error
Mean Absolute Deviation (MAD)
Mean Absolute Percentage Error (MAPE)
Root Mean Standard Error (RMSE)
Results
0.23
31.20
2.41%
34.20
Transcribed Image Text:Predictive Accuracy Measures Average Error Mean Absolute Deviation (MAD) Mean Absolute Percentage Error (MAPE) Root Mean Standard Error (RMSE) Results 0.23 31.20 2.41% 34.20
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