Error Measurements

Question 1

Error measurement other name ?

Answer 1

Residual

Question 2

Mean absolute error (additive) ?

Answer 2

Need to create a forecast for periods already passed

Error = difference between actual and forecast

Absolute error = abs(value) avg all the absolute errors

Question 3

Mean squared error (additive) ?

Answer 3

=error times by itself

Avg of all mean squared errors

Question 4

Absolute error (multiplicative)

Answer 4

Create forecast for already elapsed time periods

Error = actual - forecast
Abs= value of error
Avg of the absolute errors

Question 5

Mean squared error (multiplicative)

Answer 5

=square error
Work out avg