10.10 - Evaluation Metrics for Forecasting
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Practice Questions
Test your understanding with targeted questions
What does MAE stand for and how is it calculated?
💡 Hint: Look for average and absolute differences in your resources.
What is MSE and why is it important?
💡 Hint: Think about how squaring errors affects their significance.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does RMSE provide that's different from MAE?
💡 Hint: Think about which metric helps in understanding actual data more clearly.
True or False: MAPE can be misleading when actual values are close to zero.
💡 Hint: Consider the impact of division by small numbers.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
A forecasting model predicts sales for five consecutive months. The predictions were [200, 220, 240, 250, 230], while the actual sales were [180, 210, 240, 270, 210]. Calculate MAE, MSE, and RMSE.
💡 Hint: Work step by step: calculate the differences first!
Explain why MAPE might be a misleading metric in certain situations and suggest an alternative.
💡 Hint: Reflect on the cases where actuals fluctuate significantly.
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