Forecast errors, Mathematics

Assignment Help:

Forecast Errors

Differences among actual results and predictions may arise from many reasons. They may arise from random influences, usual sampling errors, option of the wrong forecasting system or alpha value or only that the future conditions turn out to be radically different from the past. Whatever the cause or causes management wish to know the extent of the forecast errors and different methods exist to calculate these errors.

A commonly utilized technique, suitable to time series, is to calculate the mean squared error of the deviations between actual and forecast values then choose the forecasting system and/or parameters which gives the lowest value of mean squared errors that is akin to the 'least squares' method of establishing a regression line.


Related Discussions:- Forecast errors

Prove that one of three consecutive integers divisible by 3, Prove that one...

Prove that one of every three consecutive integers is divisible by 3. Ans: n,n+1,n+2 be three consecutive positive integers We know that n is of the form 3q, 3q +1, 3q +

Sets, What is the subset of {a,b,c}

What is the subset of {a,b,c}

Independent & Dependent functions, I am learning this at school today and I...

I am learning this at school today and I started getting confused which one is which, can you help me?

Angles, how to measure missing angle of an adjacent angle

how to measure missing angle of an adjacent angle

Covariance, Covariance The variance is a measure of the variabil...

Covariance The variance is a measure of the variability or dispersion in a variable or data set. A measure of the variability of one variable (or data set) in relatio

Continuous random variable, Continuous Random Variable In the probabili...

Continuous Random Variable In the probability distribution the sum of all the probabilities was 1. Consider the variable X denoting "Volume poured into a 100cc cup from coff

Ellipse, different types of ellipse

different types of ellipse

Sketch several trajectories for the system, Sketch several trajectories for...

Sketch several trajectories for the system, x 1 ' = x 1 + 2x 2                                                                                x 2 ' = 3x 1 + 2x 2

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd