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Acronyms that contain the term forecast error
What does forecast error mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: forecast error.
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What does forecast error mean?
- Forecast error
- In statistics, a forecast error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest. Since the forecast error is derived from the same scale of data, comparisons between the forecast errors of different series can only be made when the series are on the same scale.In simple cases, a forecast is compared with an outcome at a single time-point and a summary of forecast errors is constructed over a collection of such time-points. Here the forecast may be assessed using the difference or using a proportional error. By convention, the error is defined using the value of the outcome minus the value of the forecast.
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"forecast error." Abbreviations.com. STANDS4 LLC, 2024. Web. 10 Jun 2024. <https://www.abbreviations.com/forecast%20error>.
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