Lecture Intro - errors

Which of the following is a measure of bias?

• mean error (ME)
• mean absolute error (MAE) 
• mean absolute percentage error (MAPE)  
• mean squarer error (MSE)

which is the most suitable error to choose values for forecast models parameters 

• mean error (ME)
• mean absolute error (MAE) 
• mean absolute percentage error (MAPE)  
• mean squarer error (MSE)

which is the best accuracy metric to evaluate forecast models in different time series 

• mean error (ME)
• mean absolute error (MAE) 
• mean absolute percentage error (MAPE)  
• mean squarer error (MSE)

which is the most suitable length of moving average for smoothing in quarterly data (frequency)

• 7
• 3 
• 4
• 12

what does it mean for a forecast model that forecast ME=14 units & MAE=14 units also 

• forecast model is accurate 
• forecast model is optimistic (biased)
• forecast model has no bias
• forecast model is pessimistic (biased)

In case of a seasonal quarterly data (observations per 3 months),  which is the best choice for moving average to eliminate seasonality?

• centre moving average (4)
• weighted moving average (0.125, 0.25, 0.25, 0.25, 0.125)
• ma(3)
• all the above

Which is the seasonality for daily data?

• 7
• 365
• 7 or 365 (it depends)
• 24