Forecast Accuracy MCQ (Multiple Choice Questions) PDF Download

A measure of forecast accuracy that avoids the problem of positive/negative forecast errors offsetting one another is known as

1. Mean standard error
2. Mean absolute error
3. Mean residual factor
4. Mean estimated factor

How well a particular forecasting method is able to reproduce the available time series data can be determined by

1. Pattern plot
2. Forecast accuracy
3. Prediction
4. Error factor

Forecast error in finding forecast accuracy can be computed as

1. Forecast value- Actual value
2. Actual value- error value
3. Error value- Actual value
4. Actual value-forecast

The key concept associated with measuring forecast accuracy is known to be

1. Future value prediction
2. Actual Value
3. Forecast error
4. Residual forecast

A simple measure of forecast accuracy is named as

1. Mean of forecast errors
2. Mean sum of squares
3. Mean residual of forecast
4. Mean of forecast deviation