What is the difference between mean absolute deviation (MAD) and mean squared error (MSE)?
What will be an ideal response?
Both MAD and MSE are measurements of the amount of forecast error, and smaller values of both metrics reflect superior forecasting methods. The difference between the two is that MAD places less emphasis on an outlier while MSE is more sensitive to one. A forecast technique that seeks to minimize MSE will have overall forecast accuracy hurt by one extreme outlier more than a forecast developed using a MAD-minimizing technique.
You might also like to view...
The first step in the social marketing planning process is ________
A) determining the focus of the program B) selecting the target audience C) setting objectives and goals D) designing the market offering E) finding a source of funding
Adella executed a deed and put it under her mattress along with a note directing that the deed is to be delivered to her cousin, Faro, upon her death. What will be the result of such an act?
A. The deed becomes effective and passes title to Faro the day he gets it. B. The deed is not effective to pass title after Adella's death. C. The deed is not effective to pass title because Adella did not record it. D. The deed effectively passes title to Faro upon Adella's death.
Nontariff trade barriers include restrictive product standards
Indicate whether the statement is true or false
Competition refers to
A. any product or service that vies for a portion of a customer's discretionary income. B. identical products that perform identical functions. C. alternative firms that could provide a product to satisfy a specific market's needs. D. any for profit organization that targets the customers of other organizations. E. the set of firms that operate in a given geographic region, regardless of product or service.