Question

Some measures of forecasting accuracy include mean absolute deviation, mean absolute percentage error, and mean squared error. The formula for each is dependent on the forecast error, which is calculated by using the equation:

1: (Actual Value - Forecast Value) / Actual Value.
2: (Forecast Value - Actual Value) / Forecast Value.
3: (Actual Value - Forecast Value) / Forecast Value.
4: (Forecast Value - Actual Value) / Actual Value.

Answer 1

Precision refers to how close individual measurements are to each other, while accuracy refers to how close a measurement is to the correct value or the accepted reference value. The formula for forecast error is calculated by using the equation: (Actual Value - Forecast Value) / Actual Value.

Step-by-step explanation:

Precision refers to how close individual measurements are to each other, while accuracy refers to how close a measurement is to the correct value or the accepted reference value. Uncertainty is a quantitative measure of how much measured values deviate from a standard expected value. The formula for forecast error is calculated by using the equation: (Actual Value - Forecast Value) / Actual Value.