Author Question: The measures of accuracy of the forecasts: a. check how well a particular forecasting method is ... (Read 100 times)

azncindy619 · **on:** Jun 24, 2018

The measures of accuracy of the forecasts:
a. check how well a particular forecasting method is able to reproduce the time series data that are already available.
b. use the current value to estimate how well the model generates previous values correctly.
c. predict the future values and wait for a pre-defined time period to examine how accurate the predictions were.
d. check to see if the forecast error is negative.

Question 2

Which of the following statements is correct with regard to random variation?
a. It occurs as the result of chance
b. It is inherent in practically any process
c. It leads to random variation in the product
d. It can often be reduced by using more expensive machines or materials
e. All of these statements are correct