This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The mean absolute error, mean squared error, and mean absolute percentage error are all methods to ... (Read 127 times)

Kthamas

  • Hero Member
  • *****
  • Posts: 546
on: Jun 24, 2018
The mean absolute error, mean squared error, and mean absolute percentage error are all methods to measure the accuracy of a forecast.These methods measure forecast accuracy by
 a. determining how well a particular forecasting method is able to reproduce the time series data that are already available.
  b. using the current value to estimate how well the model generates previous values correctly.
  c. predicting the future values and wait for a pre-defined time period to examine how accurate the predictions were.
  d. adjusting the scale of the data.

Question 2

To generate a scatter chart matrix, we use
 a. native Excel functionality. b. Excel Add-In XLMiner.
  c. Excel Add-In MegaStat. d. all of these.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jennafosdick

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 24, 2018
Answer to Question 1

a
RATIONALE: These measures of forecast accuracy are used to determine how well a particular forecasting method is able to reproduce the time series data that are already available. By selecting the method that is most accurate for the data already known, we hope to increase the likelihood that we will obtain more accurate forecasts for future time periods.

Answer to Question 2

b
RATIONALE: It is not possible to generate a scatter chart matrix using native Excel functionality. A scatter chart matrix is generated using the Excel Add-In XLMiner.


Kthamas

  • Member
  • Posts: 546
Reply 2 on: Jun 24, 2018
Wow, this really help

nanny

  • Member
  • Posts: 313
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Operant conditioning, also known as trial-and-error learning. Operant conditioning, also known as trial-and-error learning.
Breast Palpation Methods, Concentric Circles Breast Palpation Methods, Concentric Circles
Appropriate teaching methods Appropriate teaching methods
Research Methods Research Methods
The percentage of women who have cohabited by the age of 45 for 17 countries shows that the ... The percentage of women who have cohabited by the age of 45 for 17 countries shows that the ...
Introduction to Behavioral Research Methods, 6/E Introduction to Behavioral Research Methods, 6/E
Video: Muscle Fatigue and Recovery

For a complete list of videos, visit our video library