What does forecast error mean?
Definitions for forecast error
fore·cast er·ror
This dictionary definitions page includes all the possible meanings, example usage and translations of the word forecast error.
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Wikipedia
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.
Numerology
Chaldean Numerology
The numerical value of forecast error in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of forecast error in Pythagorean Numerology is: 8
Translations for forecast error
From our Multilingual Translation Dictionary
- tahmin hatasıTurkish
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"forecast error." Definitions.net. STANDS4 LLC, 2024. Web. 1 May 2024. <https://www.definitions.net/definition/forecast+error>.
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