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    Evaluating Forecasting Accuracy

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    Describe two ways in which forecasting accuracy can be evaluated.

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    https://brainmass.com/business/operations-research/evaluating-forecasting-accuracy-602687

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    Way of Evaluating Forecasting Accuracy
    Scaled Error Method: It is an important method for evaluating forecast accuracy across series of different scales. It provides scaling of error on the basis of training MAE (mean absolute error) from a simple forecast method. Following is the formula to identify scaled error for a non-seasonal time series:

    (See attachment for formula)

    Here, qj is ...

    Solution Summary

    This response provides brief description on two ways of evaluating Forecasting Accuracy using a formula to identify scaled error for a non-seasonal time series.

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