Abstract
Discusses the two types of methods for measuring the accuracy of forecasts: graphic methods and quantitative methods. Graphic methods include the control chart and prediction realization diagram; quantitative methods cover mean square error, decomposition fit, loss functions and the inequality coefficient. The note illustrates the use of all the methods.
Additional Information
| Product Type | Technical Note |
|---|---|
| Reference No. | ECO0230TEC |
| Title | Measures of Forecast Accuracy |
| Pages | 6 |
| Published on | Jan 1, 1976 |
| Authors | Patel, Kirit; |
| Area | Economics (ECO) |
| Sector | Government |
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