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.

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.CR: Chapter 13 Review
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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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