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Measuring Forecast Accuracy

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List and define the three pricipal ways of measuring forecast accuracy. What are the key differences among them?

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This solution provides a list of the three primary ways of measuring forecast accuracy and explains the differences between them.

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Leizel

The three principal ways of measuring forecast accuracy together with their definitions are as follows:
1. MAD - mean absolute deviation. This way considers all errors as even.
2. MSE - mean squared error. ...

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