Question: Which measure of forecast accuracy should be used in each of the following situations? a. The analyst needs to determine whether a forecasting method is

Which measure of forecast accuracy should be used in each of the following situations?

a. The analyst needs to determine whether a forecasting method is biased.

b. The analyst feels that the size, or magnitude, of the forecast variable is important in evaluating the accuracy of the forecast.

c. The analyst needs to penalize large forecasting errors.

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