Match the items of List I with the items of List II: List I List II a) Mean forecast error i. Mean of…
Mean forecast error averages signed forecast deviations, whereas mean absolute deviation averages their absolute values. Mean square error averages squared deviations, and…
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Match the items of List I with the items of List II:
| List I | List II |
| a) Mean forecast error | i. Mean of absolute deviations of forecast demands from actual demand values |
| b) Mean absolute deviation | ii. Mean of the squares of the deviations of forecast demands from actual demand values |
| c) Mean square error | iii. Mean of the deviations of the forecast demands from actual demand |
| d) Mean absolute percent error | iv. Mean of the absolute percent deviations of the forecast demands from the actual demand |
Answer and explanation
Correct answer A
Mean forecast error averages signed forecast deviations, whereas mean absolute deviation averages their absolute values. Mean square error averages squared deviations, and mean absolute percent error averages absolute percentage deviations. The matching is (a)-(iii), (b)-(i), (c)-(ii), (d)-(iv).
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Andhra Pradesh SET (APSET)