A forecast method is generally said to be accurate when the errors exhibit an identifiable pattern.

Name: A forecast method is generally said to be accurate when the errors exhibit an identifiable pattern.
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Question

Quizplus · Accepted Answer

A forecast method is generally considered accurate when the errors are random, not when they exhibit an identifiable pattern. Identifiable patterns in errors suggest that the forecast model is missing some information or structure that, if included, could improve the accuracy.

A Forecast Method Is Generally Said to Be Accurate When